More Stories

Informist, Thursday, Jul 18, 2024

By Anjali Lavania and Romeo M. Raj

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

India's oilmeal exports in June were up 20% on year at 335,196 tn, according to data released by The Solvent Extractors' Association of India Wednesday. Overall, oilmeal exports in June rose owing to an increase in the export of rapeseed meal and soybean meal.

However, oilmeal exports for Apr-Jun fell 9% to 1.1 mln tn from 1.2 mln tn a year ago, mainly due to a reduction in exports of rapeseed and castorseed meals and no export of de-oiled rice bran since September after a prohibition by the government, the SEA said.

MUSTARD seed prices in Jaipur in Rajasthan were steady at 6,100-6,125 rupees per 100 kg. Arrivals in Rajasthan were up by 25,000 bags at 175,000 bags (1 bag = 50 kg). Across India, arrivals declined by 75,000 bags to 325,000 bags. Mustard prices in Kota in Rajasthan were also steady at 5,600 rupees per 100 kg with arrivals at 7,000 bags, Sameriya said.

SOYBEAN prices in Indore in Madhya Pradesh were stable at 4,250-4,480 rupees per 100 kg, with arrivals declining by 1,403 bags to 2,597 bags, Tilok Chaged, a local trader, said. The market is stuck in one place and there is not much of a bullish or bearish trend, he said. 

Soybean prices in Kota were unchanged at 4,451 rupees per 100 kg with arrivals at 8,500 bags, Sameriya said. Wholesale prices of refined soyoil were steady at 965 rupees per 10 ltr in Mumbai, according to the SEA.

GROUNDNUT prices were steady in Gondal in Gujarat at 6,600-6,900 rupees per 100 kg, with arrivals down by 670 bags to 3,330 bags (1 bag = 45 kg), said Ashok Virvani, a local trader. "Arrivals are still less than expected in Gondal mandi as heavy rainfall in Gujarat is creating a problem for farmers and they cannot bring their stocks to the market," he said. 

Wholesale prices of refined groundnut oil were slightly up at 1,560 rupees per 10 ltr in Mumbai, data from the SEA showed.

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 0.3% lower at 906.8 rupees per 10 kg.

--The August contract of crude sunflower oil closed 0.9% lower at 924.1 rupees per 10 kg.

Informist today reported that India is unlikely to achieve self-sufficiency in edible oils even by 2047, quoting NITI Aayog member Ramesh Chand. "India is likely to see a long-term (edible oil consumption) growth rate of 1.3%, slightly higher than the population growth rate, which in the long run is expected to be 0.6-0.7%," Chand said, citing NITI Aayog demand projections for 2047. 

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.