India Edible Oil: Mustard, soybean prices up in major markets

Informist, Monday, May 8, 2023

By Arunima Bharadwaj

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

MUSTARD seed was sold at 5,425-5,450 rupees per 100 kg, up 75 rupees from Friday in Jaipur, Rajasthan, despite an increase in arrivals, said Rupesh Parekh, a local trader.

Arrivals of mustard in Jaipur were pegged at 425,000 bags (1 bag = 50 kg), up 50,000 bags from the previous day of trade. Arrivals across the country were estimated at 850,000 bags, up 100,000 bags from Friday.

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 National Agricultural Cooperative Marketing Federation of India has purchased 476,959 tn mustard seed under the price support scheme in its rabi procurement operations, the agency said in a tweet last week.

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.

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

In Indore, Madhya Pradesh, SOYBEAN was sold at 5,200-5,550 rupees per 100 kg, up 75 rupees from Friday, said local trader Mukesh Mangal. Arrivals were pegged at 1,500 bags (1 bag = 50 kg), up 800 bags from the previous day of trade.

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 from the estimate in March. 

The government has pegged total oilseeds 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.  End

Edited by Vandana Hingorani

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