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Wednesday, February 1, 2023

India Edible Oil: Mustard dn on higher supply; Soy dn on poor demand

Informist, Monday, Jan 16, 2023


By Ashtha Tiwari 


NEW DELHI – Prices of mustard fell today in key markets of Jaipur, Rajasthan, due to an increase in arrivals amid lean season, while those of soybean fell in Indore, Madhya Pradesh due to sluggish demand from millers and crushers, market participants said.


* In Jaipur, MUSTARD was sold at 6,375-6,400 rupees per 100 kg, down 25 rupees from Friday. Arrivals were pegged at 170,000 bags (1 bag = 84 kg), up 10,000 bags.


* Prices of mustard seed fell moderately due to a slight increase in arrivals before the new crop hits the market in February, 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. 


* In Indore, Madhya Pradesh, SOYBEAN was sold at 5,600 rupees per 100 kg, down 110 rupees from Friday. Arrivals were pegged steady at 5,000 bags (1 bag = 100 kg).


* Prices are expected to fall due to poor crushing demand from millers, analysts said. However, margins for soybean crushing improved in the recent days due to a recovery in the global prices of soybean oil.




Edited by Vidhi Verma


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Source: Cogencis

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