Prices of Soybean Have Started Showing Recovery (Aug 18, 2017)

Soybean and mustard seed have started showing rise because of the government's move to raise the import duty on edible oil has had a positive impact on the prices of Soybean and mustard seed. 

In the Indore mandi, since last Friday, then prices of oilseed have gone up by 2-3 per cent to touch Rs 3,120 a quintal for Soybean and Rs 3,870 a quintal for mustard seed. 

Due to fall in planting of oilseed this kharif season, traders and companies anticipate prices to go up further in anticipation of a lesser crop this year. 

Vikas Aggarwal of Srinath Mutitrade in Chawni mandi of Indore said, "since Friday, prices have increased Rs 50-100 a quintal for Soybean at Rs 2,700-3,120. We expect firmness in price to continue for the next month as carry-over crop is less and planting is also less."

The head of commodity research, Angel Commodities Broking, Anuj Gupta said, "Prices have been trading on the lower side but will go up in the short-term owing to festive and industry demand." 

When new crop arrivals in mandis increase then the trade expects crushing to pick up in September-October. In Maharashtra, early sown Soybean crop arrivals have already started which will be followed by Madhya Pradesh, Gujarat and Rajasthan. 

 

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