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India Edible Oil: Mustard, soybean up in key mkts on lower arrivals

Informist, Tuesday, Nov 28, 2023

 

By Anjali Lavania

 

MUMBAI – Prices of mustard and soybean rose today in the benchmark markets of Jaipur, Rajasthan and Indore, Madhya Pradesh respectively.

 

MUSTARD prices in Jaipur were in the range of 5,975-5,990 rupees per 100 kg, up 15 rupees from Friday. The total arrivals in Rajasthan were at 200,000 bags (1 bag = 50 kg), 35,000 bags less than the previous day of trade. 

 

Arrivals across the country were at 400,000 bags, down 50,000 bags from Friday, according to Marudhar Trading Agency.

 

“Mustard prices saw a slight increase today because important mandis reopened after three days,” said a Jaipur-based trader. Markets were shut on Monday on account of Guru Nanak Jayanti. 

 

“During the end of the year, especially during Dec-Jan, prices of mustard seeds usually increase because the produce decreases. Only the farmers who have stored the seeds in anticipation of an increase in price in the future bring their stocks to the mandis, said Ashok Jadhavar, oil manufacturer and trader at Vasundhara Oil and Food Products. “Prices will increase in the upcoming months as farmers are left with less produce.”

 

The prices for mustard and sunflower oil will rise in the upcoming year as the rainfall was less during this year, and it may reduce production, he added.

 

In Indore, SOYBEAN prices today were in the range of 4,800-5,450 rupees per 100 kg, up 50 rupees from Friday, due to fewer arrivals.

 

“The average grade range was at 4,800-5,150 rupees per 100 kg, up 50 rupees from Friday. Prices for best-grade quality were around 5,055-5,545 rupees per 100 kg,” said Sourabh Kumar, founder of ekisan.net. “The arrivals were fewer today due to heavy rainfall from the past two days in Madhya Pradesh,” he said. 

 

“The farmers are bringing fewer bags as they face challenges with transportation during heavy rainfall,” Kumar added.

 

The bags in the Indore mandi were at 1,200 bags (1 bag = 50 kgs), he added.

 

“The modal prices of soybean in October were below 3,900 rupees per 100 kg and rose to 4,845 rupees per 100 kg at the end of October and are currently around 5,010 rupees. The minimum support price for soybean in the 2023-24 kharif marketing season is 4,600 rupees per 100 kg,” according to a report by Kedia Advisory.  

 

The most-active December contract of CRUDE SUNFLOWER OIL was down at 898.60 rupees per 10 kg on the National Commodity and Derivatives Exchange.

 

The contract faces resistance at 897 rupees and support is seen at 890 rupees, said Amit Gupta, Kedia Advisory.

 

At 1856 IST:

–December contract of crude sunflower oil was down 0.67% at 898.60 rupees per 10 kg on NCDEX

–January contract of crude sunflower oil was down 0.4% at 896.10 rupees per 10 kg on NCDEX

 

End

 

Edited by Vidhi Verma

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

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Source: Cogencis

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