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India Edible Oil:Mustard prices down on rise in arrivals, soybean up

Informist, Monday, Mar 27, 2023


By Arunima Bharadwaj


NEW DELHI – Prices of mustard seeds fell today in Jaipur, Rajasthan, because of rise in arrivals, while prices of soybean rose in Indore, Madhya Pradesh, market participants said.


MUSTARD seeds were sold at 5,625-5,650 rupees per 100 kg, down 25 rupees from Friday, said Jaipur-based trader Rupesh Parekh.


Arrivals of the oilseed were pegged at 650,000 bags (1 bag = 50 kg), up 25,000 bags from the previous trading day. Total arrivals across the country were steady at 1.2 mln bags, Parekh said.  


In its second advance estimate, the government has pegged the country’s mustard production in crop year 2022-23 (Jul-Jun) at 12.8 mln tn, against 12.0 mln tn last year. The US Department of Agriculture has estimated India’s mustard output at a record high of 11.3 mln tn in 2022-23.


Mustard is one of the main crops grown in India during the rabi season. The normal area under the crop is 6.3 mln ha.


In Indore, SOYBEAN was sold at 5,200-5,340 rupees per 100 kg, up 40 rupees from Friday due to fall in arrivals of the oilseed, said Mukesh Mangal, a local trader. Arrivals were estimated at 800 bags, down 200 bags from Friday.


India recorded a growth of over 125% in soymeal exports during Apr-Feb at 787,000 tn against 350,000 tn last year owing to low prices of the oilseed, said analysts at Kotak Securities in their daily oilseed report. “Currently, domestic soybean prices are down by about 33% on year.”


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.  End


Edited by Ashish Shirke


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Source: Cogencis

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