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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

 

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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Source: Cogencis

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