Rapeseed Daily Digest Report | Thursday, March 16, 2023

•In Jaipur, the price of Mustard seeds quoted at INR 56,500 per tonne, which was INR 75 higher than the previous day’s price.
•All over India, the number of Mustard seed arrivals for the day was recorded at 13.25 Lakh bags, whereas the previous day’s number was 14 Lakh bags.
•In Rajasthan, the arrivals decreased from 6.5 Lakh bags the previous day to 7 Lakh bags.
•Mustard prices dip below the Minimum Support Price (MSP), the government set to procure 1.5 million tonnes (MT) of the oilseed.
•The government has decided to purchase 1.5 million tonnes (MT) of mustard from farmers in Rajasthan, the largest producer of the oilseed in the country. This decision came after the mandi prices for mustard plummeted below the Minimum Support Price (MSP) of Rs 54,500 per tonne, despite having remained well above the threshold for over two years.
•According to sources, the Rajasthan State Co-operative Marketing Federation (Rajfed) is anticipated to procure mustard at the Minimum Support Price (MSP) starting from April 1st through the price support scheme for oilseeds initiated by the Ministry of Agriculture. This procurement marks a resumption after a two-year hiatus. In the year 2020, Rajfed bought 0.34 MT of mustard, falling short of its intended target of 1 MT.
•The Haryana State Cooperative Supply and Marketing Federation (Hafed) will engage in commercial procurement of approximately 20,000 tonnes of mustard at the Minimum Support Price (MSP) in the mandis.
•Mustard mandi prices at Bharatpur (Rajasthan), the center of oilseed trading, are currently hovering approximately Rs 100/quintal to Rs 150/quintal below the Minimum Support Price (MSP) due to the expectation of a plentiful harvest. These prices are the lowest recorded in two years, with mandi prices in November of last year averaging around Rs 7,500/quintal.
•The Ministry of Agriculture has projected a record production of 12.8 million tonnes (MT) of mustard seeds during the 2022-23 crop year (July-June). The sown area under mustard for the ongoing rabi season has reached a record 9.8 million hectares (MH), which represents a 64% increase compared to the average sown area of 6.4 MH over the past five years. In the 2021-22 season, mustard sown areas were recorded at 9.1 MH.
•Currently, Rajasthan (40%), Madhya Pradesh (14%), Uttar Pradesh (9%), and Haryana (7%) contribute to 70% of the country’s mustard seed production.
•Soyameal exports jump 87% in Oct-Feb
•India’s soyameal exports jumped 87 per cent to 7.99 lakh tonnes (lt) during the October-February period of oil year 2022-23 on robust demand from countries such as Vietnam, Bangladesh, and Nepal. Exports stood at 4.26 lt in the same period last year.
•Government to procure 1.5 MT of mustard as prices fall below MSP.
•Rajasthan state co-operative marketing federation (Rajfed) is likely to procure mustard at MSP from April 1 under the price support scheme for oilseeds of the agriculture ministry. The procurement will be carried out after a gap of two years. In 2020, against a target of 1 MT, Rajfed purchased 0.34 MT of mustard.
Rapeseed Daily Digest_2023_03_16