OfBusiness Oil and Seeds Dailies

9^th June’23

Price

• In Haldia, the price of mustard oil is Rs. 1035/10kg with no observed price deviation. Rice Bran Refined is trading at Rs. 795/10kg with no observed price deviation, while Rice Bran Crude is priced at Rs. 725/10kg with no observed price deviation.
• In Jaipur, the price of mustard seeds is Rs. 5100 per quintal, and in Delhi, it is trading at Rs. 4850 per quintal. No price deviation has been observed in both markets.
• Saloni bought new mustard seeds in Shamshabad on Thursday for Rs. 5500 per quintal including taxes.
• Today, Goyal from Kota is buying mustard seeds at a rate of Rs. 5000 per quintal, with a price deviation of Rs. 50 on the positive side.
• On Thursday, the rates of mustard oil cake were Rs. 2500 per quintal in Charkhi Dadri and Rs. 2550 per quintal in Alwar. In Bharatpur, mustard oil cake was available at Rs. 2600 per quintal yesterday.

Demand and Supply

• On Thursday, the total arrival of soybean bags across India reached 2,15,000 bags, with Maharashtra receiving 80,000 bags and Madhya Pradesh receiving 1,10,000 bags.
• On Thursday, the overall arrival of mustard seed bags in India amounted to 7,50,000 bags. Among them, Rajasthan received 4,00,000 bags while Madhya Pradesh received 1,00,000 bags.

News

• The MSP of Mustard seed has been negatively affected by excessive moisture caused by unseasonal rainfall and the availability of cheaper imported oils like Palm and Sesame.
• The MSP for Mustard seed has decreased from Rs. 5450 per quintal to around Rs. 5150 to Rs. 5200 in most cities of Rajasthan, which is a major producer of the crop.
• Today, CBOT soy oil began with a decline, while palm oil and soya oil were trading lower on China’s Dalian Exchange.
• KLC (Kuala Lumpur Crude Palm Oil) opened with gains today, indicating strength in the China market, while CBOT (Chicago Board of Trade) has experienced a decline.

OFB’s Opinion

• OFB predicts that the price of mustard seed in Jaipur will range from 5000 to 5720. The ongoing season still holds potential for success despite uncertainties. The global edible oil market will impact mustard’s development, with little chance of a significant drop but limited upside in the near future.
• It is suggested that manufacturing units take advantage of the potential increase in consumption of Mustard seeds due to unseasonal rainfall in the coming weeks. This can lead to higher oil output from oil cakes, presenting a positive opportunity for the manufacturing sector.
• As a result, it is anticipated that the price of oil and mustard would hopefully increase from July.