India Edible Oil: Indore soybean, Jaipur mustard rise on global cues

Informist, Friday, Jan 13, 2023

By Ashtha Tiwari 

NEW DELHI – Prices of soybean and mustard rose today in key wholesale markets tracking prices of international contracts, market participants said.

* In Indore, Madhya Pradesh, SOYBEAN was sold at 5,710 rupees per 100 kg, up 110 rupees from Thursday. Arrivals were pegged steady at 5,000 bags (1 bag = 100 kg).

* Soybean prices traded higher today due to estimates of lower output in world’s major producers, analysts said.

* The US Department of Agriculture has projected global soybean output for 2022-23 (May-Apr) at 388.0 mln tn, 3.1 mln tn lower than the estimate in December.

* Soybean production in Brazil is estimated to go up, while output from Argentina and US is assessed lower from November, the agency said.

* Brazil is the world’s top producer of soybean, followed by the US and Argentina.

* In Jaipur, MUSTARD was sold at 6,400-6,425 rupees per 100 kg, up 25 rupees from Thursday. Arrivals were pegged at 160,000 bags (1 bag = 84 kg), down 30,000 bags.

* “Due to temporary weather disturbances, prices of the oilseed tend to increase for a brief period of time,” a Jaipur-based trader said.

* In the ongoing 2022-23 (Oct-Mar) rabi season, farmers in the country have sown mustard across 9.6 mln ha as of Thursday, up 8% from a year ago, according to data from the farm ministry. 

* On a weekly basis, mustard acreage was up 1.6% from 9.5 mln ha, the data showed. 

Edited by Tanima Banerjee

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Source: Cogencis