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Wednesday, November 29, 2023

India Edible Oil: Mustard, soybean prices rise as demand firm

Informist, Friday, Sep 29, 2023


By Yukta Mudgal


MUMBAI – Prices of mustard and soybean rose today because of improved demand. In Jaipur, Rajasthan, prices of MUSTARD seed were up 40-50 rupees at 5,875-5,900 rupees per 100 kg.


Arrivals of the oilseed remained steady at 325,000 bags (1 bag = 84 kg), local trader Rupesh Parekh said.


“The supply is lower than demand and even the government is not selling mustard at a lower price,” Parekh said. “I think prices will rise even further in the market,” he said.


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


In the case of SOYBEAN, prices of the old stock were up 25 rupees at 4,875 rupees per 100 kg in the key wholesale market of Indore, Madhya Pradesh. On the other hand, prices of the new stock were sharply up by 200–300 rupees at 4,000-4,600 rupees per 100 kg.


“The weather is favourable. The moisture content in soybean is very low, which lifted demand today,” local trader Mukesh Mangal said.


Arrivals of the old stock were estimated at 1,000 bags, down from 1,300 bags on Wednesday. Arrivals of the new stock were at 3,000 bags (1 bag = 90 kg), said Mangal.


According to the agriculture ministry, soybean acreage so far this season is 12.6 mln ha compared to 12.5 mln ha in the corresponding period last year.


The government has pegged total oilseed output in 2022-23 (Nov-Oct) at 41.0 mln tn, against 38.0 mln tn in the previous oilseed year.  End


Edited by Ashish Shirke


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Source: Cogencis

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