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India Edible Oil: Mustard rises on increased arrivals, soybean falls

Informist, Wednesday, Mar 29, 2023


By Arunima Bharadwaj


NEW DELHI – Prices of mustard rose today in Jaipur, Rajasthan, as arrivals declined, while those of soybean fell in Madhya Pradesh’s Indore, market participants said.


MUSTARD seeds were sold at 5,725-5,750 rupees per 100 kg, up 75 rupees from Tuesday, due to a decline in the arrivals of the oilseed, said Rupesh Parekh, a Jaipur-based trader.


Arrivals of the oilseed were pegged at 500,000 bags (1 bag = 50 kg), down 100,000 bags from the previous trading day. Total arrivals across the country were pegged at 925,000 bags, compared with 1.05 mln bags on Tuesday, Parekh said.  


In February, the country exported 141,401 tn mustard meal, significantly higher than 42,666 tn in the year-ago period, according to the latest data by The Solvent Extractors’ Association of India. During Apr-Feb, the export of mustard meal rose to a record 2.05 mln tn against 772,423 tn in the year-ago period.


Higher meal export have provided some support to prices, said analysts at Kotak Securities in a report. However, sufficient arrivals and higher production forecast have kept the prices down 21.7% on year, the report 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. 


In Indore, SOYBEAN was sold at 5,200-5,360 rupees per 100 kg, down 15 rupees from Tuesday, said Mukesh Mangal, a local trader. Arrivals were pegged steady at 800 bags.


Soybean prices are expected to trade in the range of 5,200-5,500 rupees per 100 kg due to steady demand and higher meal export demand, analysts at Kotak Securities said in a report. 


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 Vidhi Verma


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Source: Cogencis

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