Soybean and Mustard Prices and demand increase?

The price of mustard seed has come down by about Rs 25 per kg from soybean. Due to the huge increase in the price of soybean grain in the futures trade of NCDEX in Indore, the upper circuit had to be imposed at six percent. On the exchange here, the price of the August contract of soybean was quoted at Rs 9,518 a quintal

on Thursday, which increased to Rs 10,089 a quintal on Friday.

The Poultry Association of India has requested the government to discourage its export till November and import of DOC from abroad, in view of the shortage of Soyabean Oilless Oil (DOC) in the country. It is to be known that this time around 300 percent more DOC has been exported than last year, due to which there has been a shortage of DOC in the country. The price of DOC has increased from Rs 3200 a quintal last year to Rs 9200 (Kota) to Rs 9600 (Chhattisgarh) at this time.

Mustard price is always higher than soybean

He said that there have been very few occasions when the price of mustard seed has fallen below that of soybean. Mustard is currently running below Rs 25 per kg from soybean. Generally its price remains five to 10 rupees more than soybean. Currently, there is a shortage of soybean in the country and about 70 percent soybean-processing units are unable to close down due to lack of raw material.

He said that the government should pay special attention to encourage domestic production of oilseeds as there is 70 per cent import-dependence in case of edible oil and more than one lakh crore rupees are spent in foreign exchange annually.

Mustard demand continues

He said that there is a lot of demand due to less arrival of mustard in the mandis of the country as well as due to the festive demand. No one has mustard except the farmers and a few oil mills. Due to this increasing demand, the prices of Mustard Dana (Oilseeds) and Sarson Dadri Oil closed showing improvement while the prices of Mustard Pucca and Kachchi Ghani remained at the previous level. He said that there are about seven months for the next crop of mustard to come and in view of the upcoming festivals, the cooperative society, Hafed, should make stock by buying mustard at the market price now.

Thanks for visiting us.