India Edible Oil: Mustard, soybean prices unchanged in key markets

Informist, Friday, Feb 3, 2023

By Ashtha Tiwari 

NEW DELHI – Prices of mustard remained unchanged in key markets of Jaipur, Rajasthan amid steady demand from millers, traders said. Soybean prices too were steady in Indore, Madhya Pradesh, tracking global markets.   

* MUSTARD seed was sold at 6,025 rupees per 100 kg, steady from Thursday. Arrivals were also pegged steady at 145,000 bags (1 bag = 84 kg).  

* With winter season nearing its end, prices of mustard are likely to fall due to sluggish demand along with arrival of fresh crop, traders said. 

* In the ongoing 2022-23 (Oct-Mar) rabi season, farmers have sown mustard across 9.7 mln ha as of Jan 27, up 7.7% from a year ago, according to data from the farm ministry.

* SOYBEAN was sold at 5,400 rupees per 100 kg in Indore, steady from Thursday. Arrivals remained steady at 3,000 bags (1 bag = 84 kg).  

* Prices are likely to fall to 5,000 rupees per 100 kg next week due to weak demand from millers and crushers, traders said. 

* Soybean will likely show a downward trend due to increase in edible oil imports, analysts said. As of Jan 1, about 892,000 tn of edible oil was at ports, against 580,000 tn a year ago, and 2.3 mln tn was in the pipeline against 1.1 mln tn in the same period last year, according to the Solvent Extractors’ Association of India.  

Edited by Vandana Hingorani

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Source: Cogencis