Informist, Wednesday, Mar 29, 2023
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By Arunima Bharadwaj
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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.
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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.
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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. Â
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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.
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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.
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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.Â
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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.
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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.Â
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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
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Edited by Vidhi Verma
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Source: Cogencis