Informist, Friday, May 26, 2023

By Arunima Bharadwaj

NEW DELHI – Prices of soybean fell today in the key markets of Indore in Madhya Pradesh, and those of mustard were up in Jaipur, Rajasthan, traders said.

SOYBEAN was sold at 5,200-5,200 rupees per 100 kg in the wholesale markets of Indore, down by 20 rupees from Thursday, as demand decreased, and arrivals were pegged steady at 900 bags, said Mukesh Mangal, a local trader.

Currently, domestic soybean prices are down by about 30% on year due to record edible oil stocks and higher oilseed production, analysts at Kotak Securities said in their daily report.

"Soybean prices are expected to move in the range of 5,450-5,650 rupees per 100 kg due to higher meal exports," analysts said.

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.

In Jaipur, MUSTARD was sold at 5,225-5,250 rupees per 100 kg, up 25 rupees from Thursday as demand increased, said Rupesh Parekh, a local trader.

Arrivals in Jaipur were estimated steady at 400,000 bags (1 bag = 50 kg) and arrivals across the country also stayed at 700,000 bags.

Arrivals during last week rose to 98,400 tn from 76,800 tn the previous week, according to data from Agmarknet.

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

Edited by Akul Nishant Akhoury

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