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Tuesday, December 5, 2023

India Edible Oil: Soybean prices up on low arrivals, mustard rises

Informist, Friday, May 5, 2023


By Arunima Bharadwaj


NEW DELHI – Prices of soybean and mustard rose today in the main markets of Indore and Jaipur, respectively, market participants said.


In Indore, Madhya Pradesh, SOYBEAN was sold at 5,200-5,475 rupees per 100 kg, up 75 rupees from Thursday, said local trader Mukesh Mangal. Arrivals were pegged at 700 bags (1 bag = 50 kg), down 100 bags from the previous day of trade.


Prices rose after arrivals of the oilseed declined, Mangal said.


The US Department of Agriculture has scaled down its estimate for global oilseed production in 2022-23 (May-Apr) to 625.4 mln tn from 629.9 mln estimated last month. The agency has projected global soybean output in 2022-23 at 369.6 mln tn, 6 mln tn lower than the estimate in March. 


The Indian government has pegged oilseed output in 2022-23 at 40.0 mln tn against 38.0 mln tn in the previous year. It has revised the view on soybean output in 2022-23 to 14.0 mln tn from 13.0 mln tn earlier.


MUSTARD seeds were sold at 5,350-5,375 rupees per 100 kg, up 75 rupees from Thursday in Jaipur, Rajasthan, said Rupesh Parekh, a local trader.


Arrivals of mustard in Jaipur were pegged steady at 375,000 bags (1 bag = 50 kg). Arrivals across the country were also estimated to be unchanged at 750,000 bags from the previous day, traders said.


In its second advance estimate, the government has pegged the country’s mustard production in 2022-23 (Jul-Jun) crop year at 12.8 mln tn against 12.0 mln tn the previous year. 


The fall in edible oil prices globally should be passed on to customers with quick efficiency, Department of Food and Public Distribution Secretary Sanjeev Chopra said in a meeting with industry players on Thursday.


“The international prices of imported edible oils are on a downward trend which gives a positive scenario in the edible oil sector in India,” the government said in a release.


Global prices of edible oils have fallen by $200-$250 per tn in the last two months.


The government had advised industry participants to ensure that maximum retail price of each edible oil be reduced in line with the decline in the global prices with immediate effect.  End


Edited by Aditya Sakorkar


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Source: Cogencis

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