Informist, Thursday, Jul 13, 2023

By Afra Abubacker

MUMBAI - Prices of mustard were steady today in the benchmark market of Jaipur in Rajasthan, while soybean prices fell in Indore, Madhya Pradesh, market players said.

In Jaipur, MUSTARD was sold at 5,625-5,650 rupees per 100 kg, flat from Wednesday, said Rupesh Parekh, a local trader. Arrivals in Jaipur were pegged steady at 225,000 bags (1 bag = 84 kg). Arrivals remained unchanged across the country around 450,000 bags, Parekh said. 

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

SOYBEAN was sold at 4,700-4,900 rupees per 100 kg in Indore, down by 100 rupees from Wednesday. Prices fell today due to higher arrivals, said Mukesh Mangal, a local trader. Arrivals were pegged at 2,300 bags (1 bag = 100 kg), up 1,200 bags from the previous trading day. 

"Since the beginning of the year soybean prices continue to fall on sufficient supplies and record carry-over stocks," said Kotak Securities. 

According to Soybean Processors Association of India, farmers have sown soybean across 9.05 mln ha this kharif season so far, down 21% on year due to delayed onset of monsoon and shift to other crops. 

In Madhya Pradesh, the largest producer of the oilseed in the country, soybean acreage is pegged at 4.3 mln ha. Acreage in second-largest grower Maharashtra was 3.1 mln ha, data provided by the association showed. 

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

Reported by Afra Abubacker

Edited by Vandana Hingorani 

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