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Informist, Tuesday, Jul 16, 2024

By Anjali Lavania

MUMBAI – Prices of mustard seed and groundnut were steady in benchmark markets today, while soybean was down, traders said.

MUSTARD seed prices in Jaipur in Rajasthan were steady at 6,075-6,100 rupees per 100 kg. Arrivals in Rajasthan were down by 10,000 bags at 180,000 bags (1 bag = 50 kg). Across India, arrivals declined by 15,000 bags to 350,000 bags.

Sluggish demand for mustard and a rise in imports are indicating that there will be no major improvement in the long term, 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 in Rajasthan were also steady 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 in Madhya Pradesh were down by 50 rupees at 4,150-4,300 rupees per 100 kg, with arrivals declining by 2,000 bags to 4,000 bags, Tilok Chaged, a local trader, said. Prices may show some improvement after two months when fresh arrivals will be there in major spot markets, he said. Any movement in soybean prices now will depend on the monsoon, he said. Soybean prices in Kota were unchanged at 4,500 rupees per 100 kg with arrivals at 8,000 bags, Sameriya said. Soybean acreage rose 31% on year to 10.81 mln ha as of Monday, data from the farm ministry showed. Wholesale prices of refined soyoil were steady at 970 rupees per 10 ltr in Mumbai, data from the SEA showed.

GROUNDNUT prices were steady in Gondal in Gujarat at 6,500-6,900 rupees per 100 kg, with arrivals down by 100 bags to 4,000 bags (1 bag = 45 kg), said Ashok Virvani, a local trader. Since it has been raining heavily for the past few days, farmers are having difficulty bringing stocks to market, he said. Sowing has started and after three months, prices may improve due to fresh arrivals in the market, he said. Stocks with farmers are almost over, with large quantities of old stock now with stockists.

Wholesale prices of refined groundnut oil were down 0.6% at 1,550 rupees per 10 ltr in Mumbai, data from the SEA showed.

The rise in vegetable oil imports in June is affecting demand for domestic oilseeds and oils negatively. India's vegetable oil imports rose 18% on year to 1.6 mln tn in June, according to the SEA. The area under oilseeds increased 22% on year to 14.04 mln ha as of Monday, data from the farm ministry showed. 

The US Department of Agriculture has raised its estimate for global oilseed output for 2024-25 (May-Apr) to 686.10 mln tn from 685.81 mln tn earlier. 

Wholesale prices of refined SUNFLOWER oil were steady 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 0.1% higher at 907 rupees per 10 kg.

--The August contract of crude sunflower oil closed 0.3% lower at 922.5 rupees per 10 kg.

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

End

Edited by Saji George Titus

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