OfBusiness Oil and Seeds Dailies | 19th July 2023

Price

• In Haldia, the current market rate for mustard oil is Rs. 1120/10kg, and there has been no change in price. Rice Bran Refined is currently priced at Rs. 910/10kg, and there has been no price fluctuation. The trading price for Rice Bran Crude stands at Rs. 845/10kg, and there has been no observed deviation in price.
• Today’s price for mustard seeds in Jaipur is Rs. 5600 with no observed price deviation. In Delhi, mustard seeds opened at Rs. 5500/quintal with no price variation.
• On Tuesday, Saloni bought new mustard seeds at a rate of Rs. 6075/quintal (including tax) in Shamshabad. Today in Goyal Kota, mustard seeds opened at Rs. 5500/quintal.
• On Tuesday, the rates of Mustard oil cake were Rs. 2580/qtl in Charkhi Dadri and Rs. 2560/quintal in Alwar. Meanwhile, in Bharatpur, the price of Mustard Oil Cake was Rs. 2535/quintal.

Demand and Supply

• On Tuesday, 1,85,000 bags of soybean arrived in India, with Maharashtra receiving 40,000 bags and Madhya Pradesh receiving 1,25,000 bags.
• Meanwhile, 4,25,000 bags of mustard seeds arrived, with Rajasthan receiving 2,00,000 bags and Madhya Pradesh receiving 65,000 bags.

News

• Arrivals of soybean seeds have decreased at various markets due to farmers not receiving favorable prices. However, the prices have been supported by the demand from the millers.
• Mustard expeller and Kacchi Ghani oil are on the rise recently, with the Indian mustard oil market projected to grow at a 4.3% CAGR between 2023 and 2028.
• Brent crude futures for September delivery climbed 0.91% to $75.19, while U.S. West Texas Intermediate crude (WTI) rose 0.84% to $70.45.
• Although there might be monthly gains, Brent is likely to experience a 5% quarterly loss, while WTI seems to be heading for a 6% decline.

OFB’s Opinion

• Consider keeping an eye on the edible oil prices in the upcoming quarter as there is a possibility of an increase. However, the spread and timing of monsoon rainfall could potentially offer some relief.