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Wednesday, March 29, 2023

India Edible Oil: Soy dn on global cues; mustard up on low arrivals

Informist, Monday, Jan 30, 2023

 

By Ashtha Tiwari 

 

NEW DELHI – Prices of soybean fell today in Indore, Madhya Pradesh, tracking global prices, traders said. However, mustard prices rose in key markets of Jaipur, Rajasthan, due to changing weather conditions which affected mustard arrivals, market participants said.

 

SOYBEAN was sold between 5,400-5,600 rupees per 100 kg, down 50 rupees from Saturday. Arrivals were pegged at 2,000 bags, up 1,000 bags (1 bag = 84 kg) from the previous trading session.   

 

* Maharashtra, a key grower of soybean, expects its soybean output to rise 19.7% on year to 6.6 mln tn in 2022-23 (Oct-Sep) kharif marketing season due to better yield and higher acreage.

 

* Soybean yield in the state is seen increasing to 1.3 tn per ha in the ongoing season compared with 1.2 tn last year.

 

MUSTARD seed was sold at 6,200-6,225 rupees per 100 kg, up 25 rupees from Saturday. Arrivals were pegged at 125,000 bags (1 bag = 84 kg), down 15,000 bags from the previous trading day.  

 

* Reports said farmers in Rajasthan are in despair due to the cold wave in north and northwest India. The cold wave has caused severe ground frost which is likely to destroy crops of mustard, cumin, castor, and vegetables.

 

* Mustard is one of the major crops of Rajasthan, and it contributes 43% of the total mustard seed production in India. The acreage in Rajasthan, has risen 14% on year to 3.8 mln ha as of Wednesday.

 

* However, traders still expect higher mustard production in the coming months, which will likely have a softening effect on prices. 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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Source: Cogencis

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