India Edible Oil: Mustard and soybean prices fall in key markets

Informist, Friday, Mar 24, 2023

By Arunima Bharadwaj

NEW DELHI – Prices of mustard fell today in Jaipur, Rajasthan, as arrivals increased, and those of soyean were down in Madhya Pradesh’s Indore due to sluggish demand, market participants said.

MUSTARD seed was sold at 5,650-5,675 rupees per 100 kg in Jaipur, down 25 rupees from Thursday due to an increase in arrivals, said Rupesh Parekh, a local trader.

Arrivals of the oilseed were pegged at 625,000 bags (1 bag = 50 kg), up 50,000 bags from the previous trading day. Total arrivals in the country were pegged at 1.2 mln bags, compared with 1.1 mln bags on Thursday, Parekh said.

Prices of the oilseed are down 21.7% on year due to sufficient arrivals and higher production of mustard so far this year, analysts said.  

In its second advance estimate, the government pegged the country’s mustard production at 12.8 mln tn, against 12.0 mln tn last year.

SOYBEAN was sold at 5,100-5,300 rupees per 100 kg in Indore, Madhya Pradesh, down 40 rupees from Wednesday, said Mukesh Mangal, a local trader.

Arrivals, however, were pegged at 1,000 bags, down 200 bags from Wednesday. Markets reopened today after being shut on Thursday on account of a local festival, traders said.

The US Department of Agriculture has projected global soybean output in 2022-23 at 375 mln tn, 8 mln tn lower than the estimate in February. Global soybean exports are seen higher at 168.4 mln tn, compared with 167.5 mln tn last month due to higher-than-expected shipments through February, the agency said in its report for March. 

The Soybean Processors Association of India today urged the government to raise the import duty on all edible oils by at least 20% to check falling prices of edible oils in the country. 

Prices of imported crude soybean oil have fallen by 31% and that of crude sunflower oil by 32% since September, the association said.  End

Edited by Vidhi Verma

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