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Weekly Edible Oil: Soybean may fall on poor demand; mustard in range

Informist, Wednesday, Jan 11, 2023

 

By Ashtha Tiwari and Sayantan Sarkar

 

NEW DELHI – Prices of soybean may fall next week due to poor demand from millers, while those of mustard are likely to remain range-bound ahead of arrivals of the new crop in February. 

 

SOYBEAN prices are likely to fall by 50-100 rupees per 100 kg to 5,350-5,500 rupees in the following week, traders said. Next week, arrivals are pegged around 12,000 bags (1 bag = 100 kg) per day. 

 

* Prices are expected to fall due to poor crushing demand from millers, analysts said.

 

* However, margins for soybean crushing had improved in the recent days due to a recovery in the global prices of soybean oil. 

* Today, soybean in Indore, Madhya Pradesh, was sold at 5,600 rupees per 100 kg, slightly down from Tuesday. Traders said that prices could fall to 5,500 rupees next week. 

 

* Prices of MUSTARD are seen in the range of 6,500-6,900 rupees per 100 kg next week, traders said.

 

* Today, in Jaipur, Rajasthan, the oilseed was sold at 6,375-6,400 rupees per 100 kg, unchanged from Tuesday. Arrivals were pegged at 175,000 bags (1 bag = 84 kg), down 15,000 bags from the previous trading day.

 

* “We expect a higher availability of mustard crop in the coming months, which is having a softening effect on prices,” a Jaipur-based trader said.

 

* In the ongoing 2022-23 rabi season, farmers have sown mustard across 9.4 mln ha as of Thursday, up 8.8% from a year ago, according to data from the farm ministry.  End

 

Edited by Vidhi Verma

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

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© Informist Media Pvt. Ltd. 2023. All rights reserved.

 

Source: Cogencis

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