Agri Picks Report: Geojit
According to Geojit , Consumption of mustard oil in the coming days is seen falling 10-20% from the current levels because of a sharp rise in prices of the oilseed, said Sanjeev Asthana, the chief executive officer of Ruchi Soya.
September 27, 2021 / 08:58 AM IST
Geojit's report on Agri Picks
Consumption of mustard oil in the coming days is seen falling 10-20% from the current levels because of a sharp rise in prices of the oilseed, said Sanjeev Asthana, the chief executive officer of Ruchi Soya. Global soybean production is likely to rise 17.0 mln tn in 2021-22 to 376.5 mln tn, said Thomas Mielke, Editor-in-Chief of Germany-based Oil World, adding that global production is rising faster than consumption. Also, crushing of soybean in 2021-22 is seen increasing 11 mln tn to 326.7 mln tn, Mielke said. The government has allowed mills to sell 250,000 tn additional sugar in September to meet strong festival demand amid rising prices, two official sources said. Imports of oilseed into Pakistan are expected to be 20% higher on year in 2021 at 3.5 mln tn, as domestic production is seen lower in the ongoing year, Pakistan-based Westbury Group of Co Director Rasheed Janmohammed said. Growth of crude palm oil production in Indonesia may not be as strong as previous years because of lack of new area to expand planting, the country's Vice Minister for Foreign Affairs Mahendra Siregar said. Prices of crude palm oil on Bursa Malaysia Derivatives are expected to trade slightly below 4,000 ringgits (70,461.3 rupees) per tn next year, LMC International Ltd Chairman James Fry said.
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