Informist, Friday, Jun 2, 2023
By Afra Abubacker
MUMBAI – Prices of mustard and soybean rose today in key benchmark markets of Jaipur, Rajasthan, and Indore in Madhya Pradesh due to firm demand, traders said.
However, weak international oil seed prices and the government extending duty-free import of crude soybean oil and sunflower seed oil till June end are weighing on domestic oilseed prices.
In Jaipur, MUSTARD was sold at 5,125-5,150 rupees per 100 kg, up 50 rupees from Thursday due to firm demand, said Rupesh Parekh, a local trader.
Arrivals in Jaipur were estimated at 375,000 bags (1 bag = 50 kg), steady from Thursday. Arrivals across the country were also pegged steady at 625,000 bags, compared with that of the previous day of trade, Parekh said.
In its third advance estimate, the government has pegged the country’s mustard production in 2022-23 (Jul-Jun) at 12.5 mln tn, against 12.0 mln tn in the previous crop year.
SOYBEAN was sold at 5,000-5,140 rupees per 100 kg, up 100 rupees from the previous day of trade in Indore and arrivals of the oilseed were pegged higher by 400 bags (1 bag = 50 kg) at 1,600 bags, said Mukesh Mangal, a local trader.
“Domestic soybean prices are down by about 27% on year due to higher stocks of oilseed and record edible oil stocks. The tariff value on crude soybean oil was cut by $7 to $976 per tn, according to a notification on May 31. Current tariff value is down by 91% on year and lowest since Nov 2020,” said Kotak Secutitites.
The government has pegged total oilseed output in crop year 2022-23 (Jul-Jun) at 41.0 mln tn, 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. End
Edited by Manisha Baxla
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