Domestic
• In Jaipur, Mustard was sold at INR 60,600 per tonne, increases by 2% from the previous day. Prices of Mustard Oil increases by 3.2% from the previous day at INR 11200 per 100kg. Mustard Meal price increases to INR 26950 per tonne.
• Arrivals of the oilseed were also pegged steady at 225,000 bags in Jaipur, and arrivals across the country were estimated at 450,000 bags, unchanged from the previous day of trade. (1 bag =0.084 tonne).
• In its third advance estimate, the government has pegged the country’s mustard production in the 2022-23 crop year at 12.5 million tonne, against 12.0 million tonne the previous year.
• In Rajasthan the weather will remain dry in the second week of August, light to moderate rain alert
• As of 07th June 2023, NAFED’s total procurement stands at 10,19,844.75 metric tonnes (MT), which holds a cumulative value of Rs. 5,558.15 Crores.
International
• Winnipeg November canola contract was unchanged at C$797.50/tonne
• MATIF rapeseed November 2023 down €7.50/tonne to €466.25/tonne
• According to latest USDA July’23 report estimates, India’s 2023-24 rapeseed meal exports will drop by 45%, to 9 lakh tonnes, from 16.5 lakh tonnes in 2022–2023. However, rapeseed crush is estimated to drop from 103 lakh tonnes in 2022–2023 to 102 lakh tonnes in 2023–2024. Additionally, it is estimated that domestic consumption will increase in 2023–2024 from 47–47.7 lakh tonnes to 49.7 lakh tonnes.
• Crude Oil prices settled down 1% on Monday, after six straight weekly gains, as investors braced for weaker demand from China and the United States, the world’s two biggest economies.
• Indonesia’s H1 biodiesel consumption at 5.41 million KL
• Rupee depreciates 6 paise to 82.81 against US dollar in early trade
• Australian Canola exports decreased in June, as the country lost price competitiveness versus Northern Hemisphere suppliers