Informist, Tuesday, Oct 17, 2023

By Anjali Lavania

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

In Jaipur, MUSTARD seed was sold at 6,000-6,025 rupees per 100 kg, up 50 rupees from Monday, said Rupesh Parekh, a local trader. He added that arrivals across the country rose by 50,000 bags to 450,000 bags (1 bag = 50 kg). 

Mustard prices are gaining due to increased buying activities ahead of festivals like Dussehra and Diwali. Arrivals have increased as farmers and stockists are releasing their stocks at the prevailing price levels, said Parekh. 

"Farmers are likely to sow more mustard in the upcoming season as prices are good," said Parekh. 

SOYBEAN was sold at 4,000-4,725 rupees per 100 kg across several spot markets in Madhya Pradesh today.

Prices at various spot markets in Madhya Pradesh were up today, tracking benchmark prices on the Chicago Board of Trade, said Sanket Gupta, founder of Siya Organics.

Prices on CBOT rose as the US Department of Agriculture said that global ending stocks of soybean in 2023-24 are pegged at 115.6 mln tn, down 3.6 mln tn estimated in September, because of low stocks in China, Brazil, and India.

However, the rise in CBOT soybean prices is likely to be limited due to crop harvesting pressure in the US.

"After analysing the US Department of Agriculture and Malaysian Palm Oil Board reports on soybean, the possibility of a major fall in the domestic market seems less," said Gupta. 
 

In the Indore mandi, soybean seed prices were up 50 rupees at 4,000-4,650 rupees per 100 kg, and arrivals were at 6,000 bags today. Similarly, in the Mandsaur mandi, prices were at 4,200-4,700 rupees per 100 kg, down 200 rupees, while arrivals were at 5,000 bags, said Gupta. 

In the markets of Pachore in Madhya Pradesh, prices of soybean seeds were up 55 rupees at 4,100-4,725 rupees per 100 kg, with arrivals pegged at 8,000 bags. However, in the Bina mandi, prices were in the range of 4,000-4,450 rupees per 100 kg, slightly higher than that on Monday, and arrivals were at 10,000 bags.

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

Edited by Tanima Banerjee

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