Oil Seed Insights for January 23, 2017
Commodity Online |
January 23 2017
- Oil Seed complex traded with more of negative sentiments in the major spot markets across the country today.
- Soybean price extended falls in the major spot markets of the country during today's trade.
- Poor demand from crushers combined with weak futures is affecting the price of Soybean in the major spot markets of the country.
- Slow sale of Soymeal in domestic market is the major reason for fall in demand from Soybean crushers.
- Soybean price is likely to continue on the negative side till the demand picks up from buyers.
- Mustard continued to trade sluggish at the key Jaipur market of Rajasthan today due to slow demand.
- In Rajasthan nearly 20-30 percent crops are under stress due to cold wave, but crop estimation cannot be done at this stage.
- Mustard crops are under harvesting process and still have 7-10 days time to recover, totally depending on weather condition.
- According to Rajasthan agriculture department, Mustard seed sowing has been completed in 70.08 lakh hectare as on 19-January, against 63.48 lakh hectare during same period last year.
- Mustard Seed may move to positive side in the coming days as market participants will continue to focus on demand for mustard oil due to cold weather supporting the demand for Mustard Seed.
- India’s Oil seed acreage reached 81.91 lakh hectares as on January 13, 2017 in the ongoing rabi season.