Mustard seed prices rose in Jaipur due to a fall in arrivals and a rise in demand from domestic oil millers and crushers. Ongoing monsoon season has lifted demand for mustard oil, supporting prices of the oilseed. Sluggish demand for mustard meal from overseas buyers, however, capped gains in prices.
NCDEX mustard seed at 1-month high on spot market cues.
The most-active July contract of castor seed on NCDEX hit a six-week high of 4,033 rupees per 100 kg, tracking gains in Jaipur. On NCDEX, the July contract was at 4,021 rupees per 100 kg, up 1%. Mustard seed prices rose in Jaipur, the benchmark market, due to a fall in arrivals and a rise in demand from domestic oil millers and crushers. In Jaipur, prices of the oilseed rose 15-20 rupees to 4,120-4,150 rupees per 100 kg. Arrivals of mustard seed in Rajasthan fell 25,000 bags (1 bag = 85 kg) to 100,000 bags.
USDA sees China 2018-19 soybean import up by 3.5 mln tn at 100.5 mln.
Imports of soybean by China are expected to rise to 100.5 mln tn in marketing year 2018-19 (Oct-Sep), up by 3.5 mln tn from the previous year, because of a growing demand for the protein meal. In 2018-19, the production of the oilseed in the country is seen 15.2 mln tn, up by 1.1 mln tn from the USDA’s June forecast of 14.1 mln tn. Marketing year 2018-19 total oilseed consumption to reach 164.3 mln tn based on the continued growth of the animal husbandry industry’s demand for protein meal. The country imported 60.3 mln oilseeds Oct-May compared with 59.2 mln tn in the year-ago period.
India soybean acreage so far 859,000 ha vs 1.54 mln ha year ago.
India kharif oilseed sowing so far 1.46 mln ha vs 2.60 mln year. This break in the monsoon current is likely to be a good opportunity for farmers to complete sowing operations.
Soybean up in Indore on low supply, likely weak rain.
Soybean prices in Indore were up because of a decline in arrivals and worries of another break in monsoon. In the benchmark market of Indore, prices of soybean were up 50 rupees at 3,600-3,650 rupees per 100 kg. Arrivals of soybean in Madhya Pradesh were pegged at 30,000 bags (1 bag = 100 kg) today, lower than 40,000 bags. Lower acreage of soybean in the 2018-19 (Jul-Jun) kharif season so far is also seen supporting prices.