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India Edible Oil: Soybean prices up on low arrivals; mustard flat

Informist, Friday, Jun 9, 2023


By Arunima Bharadwaj


NEW DELHI – Prices of soybean rose in Indore, Madhya Pradesh, today after arrivals declined, and those of mustard in Jaipur in Rajasthan remained steady, traders said.


SOYBEAN in Indore was quoted at 5,000-5,100 rupees per 100 kg, up 100 rupees from Thursday, said Mukesh Mangal, a local trader. Arrivals of the oilseed were pegged at 1,200 bags (1 bag = 50 kg), down 300 bags from Thursday.


Prices rose as arrivals of the oilseed declined, traders said.  


The government has increased the minimum support price of soybean by 300 rupees to 4,600 rupees per 100 kg for the 2023-24 kharif marketing season.


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 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 5,100-5,125 rupees per 100 kg, steady from Thursday, said Rupesh Parekh, a local trader. 


Arrivals in Jaipur were also estimated to be steady at 400,000 bags (1 bag = 50 kg) and arrivals across the country stayed at 750,000 bags.


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 Vidhi Verma


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Source: Cogencis

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