Informist, Tuesday, Jun 13, 2023

By Arunima Bharadwaj

NEW DELHI - Prices of mustard remained steady today in Jaipur, Rajasthan, while those of soybean were unavailable in Indore in Madhya Pradesh, traders said.

In Jaipur, MUSTARD was sold at 5,175-5,200 rupees per 100 kg, unchanged from Monday, as supply was sufficient to meet demand, said Rupesh Parekh, a local trader. 

Arrivals in Jaipur were estimated at 425,000 bags, down 25,000 bags from Monday. Arrivals across the country also fell by 25,000 bags to 725,000 bags, 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 compared with 12.0 mln tn in the previous crop year. 

SOYBEAN prices and arrivals in Indore were unavailable today. On Monday, soybean was sold at 5,100 rupees per 100 kg and arrivals of the oilseed were estimated at 1,500 bags, 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.

Soybean prices are expected to trade in the range of 5,100-5,350 rupees per 100 kg as supply was sufficient, analysts at Kotak Securities Ltd said in a report.

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. 

The US Department of Agriculture projected global oilseed output in 2023-24 (May-Apr) marginally higher at 671.4 mln tn from 671.2 mln tn forecast last month.

The estimate for global soyoil production for 2023-24 has been revised downwards to 62.4 mln tn as against 62.5 mln tn projected last month.  End

Edited by Akul Nishant Akhoury

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