Informist, Friday, Jul 21, 2023

By Afra Abubacker

MUMBAI – Prices of mustard rose in the benchmark market of Jaipur. Soybean prices were flat in Indore, traders said.

In Jaipur, MUSTARD was sold at 5,700-5,725 rupees per 100 kg, up 50 rupees from Thursday, said Rupesh Parekh, a local trader. Arrivals were pegged at 250,000 bags (1 bag = 84 kg), up 55,000 bags. Arrivals across the country were estimated at 525,000 bags, up 175,000 bags from the previous day, Parekh said.

"Today, markets saw normal arrivals. Arrivals were down on Thursday as many markets were shut in protest against the killing of a Jain monk in Karnataka," 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 4,700-4,955 rupees per 100 kg in Indore, steady from Thursday, said Mukesh Mangal, a local trader. Arrivals were pegged at 1,600 bags (1 bag = 100 kg), down 550 bags from the previous trading day.

"Arrivals were slightly down today due to heavy rains in Madhya Pradesh," said Mangal. 

The acreage of oilseeds was at 11.4 mln ha as of Friday, down 10.4% from a year ago, according to data from the department of agriculture and farmers' welfare.

The area under soybean in Gujarat was 236,996 ha as of Monday, against the three-year average of 198,340 ha. Last year, soybean was cultivated on 186,046 ha, state government data showed.

As of Monday, the total oilseed acreage in Gujarat was 1.92 mln ha, up from 1.79 mln ha. The normal area under oilseeds in the state is 2.87 mln ha. 

The state has received 499.3 mm rainfall as of Jul 20, 84% higher than the normal weighted average of 271.5 mm for the period, according to the India Meteorological Department. 

Gujarat is a major producer of cotton, soybean, groundnut, sesamum, and tur. The higher-than-normal rainfall has increased the prospects of a bumper crop this year. Among the other major crops in the state, groundnut was cultivated over 1.58 mln ha as of Monday, compared with the normal of 1.89 mln ha and last year's figure of 1.56 mln ha.  End

Edited by Avishek Dutta

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.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2023. All rights reserved.