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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


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Source: Cogencis

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