More Stories

Informist, Monday, Jul 15, 2024

By Anjali Lavania

MUMBAI – Prices of mustard seed and soybean fell in Jaipur, Rajasthan, and Indore, Madhya Pradesh, respectively, traders said. Prices of groundnut were steady in Gondal, Gujarat, they said.

MUSTARD seed prices in Jaipur were down 25 rupees at 6,075-6,100 rupees per 100 kg. Arrivals in Rajasthan were down by 10,000 bags at 190,000 bags (1 bag = 50 kg). Across India, too, arrivals were down by 10,000 bags at 365,000 bags.

No major improvement is expected in mustard seed prices now, Mahesh Sameriya, a Rajasthan-based trader, said. However, there could be an improvement ahead of festivals for a short period, he said.

Mustard prices in Kota, also in Rajasthan, were unchanged at 5,500 rupees per 100 kg with arrivals at 7,000 bags, Sameriya said. Wholesale prices of refined mustard oil were steady at 1,140 rupees per 10 ltr in Mumbai, according to the Solvent Extractors' Association of India.

SOYBEAN prices in Indore were down by 50 rupees at 4,200-4,350 rupees per 100 kg, with arrivals rising by 200 bags to 6,000 bags, Tilok Chaged, a local trader, said. Any movement in soybean prices now will depend on the monsoon and the pace of sowing, he said. Soybean prices in Kota were unchanged at 4,500 rupees per 100 kg with arrivals at 8,000 bags, Sameriya said.

Soybean prices in the Chhindwara market in Madhya Pradesh were in the range of 4,000-4,200 rupees per 100 kg with arrivals at 1,000 bags, Neeraj Sahu, another trader from Madhya Pradesh, said. "Major improvement in soybean prices is not expected in the short run due to sluggish demand," he said. Wholesale prices of refined soyoil were steady at 1,050 rupees per 10 ltr in Mumbai, data from the SEA showed.

GROUNDNUT prices were steady in Gondal at 6,500-6,900 rupees per 100 kg, with arrivals up by 200 bags to 4,100 bags (1 bag = 45 kg), said Ashok Virvani, a trader from Gujarat. Arrivals today were damaged and of low quality as farmers are trying to dispose of old stocks at existing rates, he said. Also, stocks with farmers are almost over, with large quantities of old stock now with stockists. Prices may see a major improvement in early October, he said. Wholesale prices of refined groundnut oil were steady at 1,560 rupees per 10 ltr in Mumbai, according to SEA data.

The rise in imports of vegetable oil in June is seen to be affecting demand for oilseeds and domestic oils negatively. India's vegetable oil imports rose 18% on year to 1.6 mln tn in June, according to the SEA. Imports of vegetable oils consisted of 1.5 mln tn of edible oils and 23,178 tn of non-edible oils in June, according to the association.

The US Department of Agriculture has raised its monthly estimate for global oilseed output for 2024-25 (May-Apr) to 686.10 mln tn from 685.81 mln tn forecast in June. Production of oilseeds in the US in 2024-25 is seen at 131.46 mln tn, up slightly from 131.16 mln tn, the department said in its monthly report.

Wholesale prices of refined SUNFLOWER oil were down 1% at 965 rupees per 10 ltr in Mumbai, SEA data showed.

On the National Commodity and Derivatives Exchange:

--The July contract of crude sunflower oil closed 0.5% lower at 906 rupees per 10 kg.

--The August contract of crude sunflower oil closed 0.4% lower at 925 rupees per 10 kg.

The following table details the prices in major markets, along with the changes:

End

Edited by Rajeev Pai

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000 

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2024. All rights reserved.