India Edible Oil:Soybean gains as arrivals fall, mustard up in Jaipur

Informist, Monday, Jun 5, 2023

By Arunima Bharadwaj

NEW DELHI – Prices of soybean rose today in Indore, Madhya Pradesh, as arrivals of the oilseed declined, while mustard prices were up in Jaipur in Rajasthan due to firm demand, traders said.

SOYBEAN was quoted at 5,000-5,180 rupees per 100 kg, up 40 rupees from Friday, in Indore as arrivals declined, said Mukesh Mangal, a local trader. Arrivals of the oilseed were pegged lower by 400 bags (1 bag = 50 kg) at 1,200 bags, Mangal said.

Soybean is expected to trade in the range of 5,300-5,550 rupees per 100 kg due to higher meal exports, Kotak Securities said in a report.

The government has pegged total oilseed output in crop year 2022-23 (Jul-Jun) at 41.0 mln tn as against 38.0 mln tn the previous year. It has scaled up the estimate for soybean output in 2022-23 to 15.0 mln tn from 13.0 mln tn. The US Department of Agriculture has projected global soybean output to rise by 40.2 mln tn to 410.6 mln tn.

In Jaipur, MUSTARD was sold at 5,150-5,175 rupees per 100 kg, up 25 rupees from Friday despite an increase in the arrivals, said Rupesh Parekh, a local trader. Prices rose due to higher demand for the commodity. 

Arrivals in Jaipur were estimated at 400,000 bags (1 bag = 50 kg), up 25,000 bags. Arrivals across the country were also pegged higher at 725,000 bags, compared with 625,000 bags on the previous day of trade, Parekh said.

Arrivals of mustard last week were moderately higher at 54,800 tn compared to 54,300 tn the previous week, according to data from Agmarknet.

In its third advance estimate, the government has pegged the country’s mustard production in 2022-23 (Jul-Jun) at 12.5 mln tn compared with 12.0 mln tn in the previous crop year.  End

Edited by Vandana Hingorani

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