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Market News
India expects record rapeseed output due to bigger area, favourable weather.
Feb 21, 2024
India's rapeseed and mustard output is likely to reach a record high in 2024 due to an expansion in the planted area and favourable weather conditions in key producing states, industry officials said.
Higher rapeseed output will help the world's biggest vegetable oil importer to cut back on expensive imports of palm oil, soyoil and sunflower oil.
'Farmers have expanded area under rapeseed. Our recent survey is showing the crop is in good condition in almost all states,' B.V. Mehta, executive director of Solvent Extractors' Association of India, told Reuters.
Area under rapeseed has risen by around 5% from a year ago to 10 million hectares, Mehta added.
India produced 11.5 million metric tons of rapeseed in 2022/23 and in the current year production could rise by 300,000 to 500,000 tons industry officials said.
'The crop is in excellent condition. If things keep rolling smoothly in the next couple of weeks, production of 12 million tons is possible,' said Anil Chatar, a trader based in Jaipur in the north-western state of Rajasthan, the biggest producing state in the country.
HEAT WAVE CONCERN
Until last week, the weather was favourable but temperatures have started to rise, raising fears of a heatwave that could lead to the early maturity of crops and reduce the size of the seeds, said a New Delhi-based dealer with a global trade house.
In the past, higher temperatures in February and March have dashed prospects of high yields, he said.
In some districts of Rajasthan, the maximum temperature this week was nearly 6 degrees Celsius above normal, data from the weather department showed.
New season supplies would pick up from the next month, said Chatar. Rapeseed prices are trading below the government-fixed floor price of 5,650 rupees per 100 kg, and they could fall further unless the government ramps up procurement, he said.
India meets more than 70% of its cooking oil demand through imports of palm oil, soybean oil, and sunflower oil from Malaysia, Indonesia, Brazil, Argentina, Ukraine, and Russia.
Rapeseed crushing would pick up from April, and higher supplies of oil would limit imports of vegetable oils, the New Delhi-based dealer said.
economictimes.indiatimes.com
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