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Informist, Friday, Jul 19, 2024

By Anjali Lavania

MUMBAI – Prices of mustard and soybean were steady in benchmark markets today, traders said. Prices of groundnut in Gondal, Gujarat, fell, they said.

MUSTARD seed prices in Jaipur in Rajasthan were steady at 6,100-6,125 rupees per 100 kg. Arrivals in Rajasthan were unchanged at 175,000 bags (1 bag = 50 kg). Across India, too, arrivals were unchanged at 325,000 bags. Mustard prices in Kota in Rajasthan were down by 100 rupees at 5,500 rupees per 100 kg with arrivals up by 500 bags at 7,500 bags, Mahesh Sameriya, a Rajasthan-based trader, said.

"Mustard prices have been stable for two days and major improvement is not seen now in prices as farmers are focusing on sowing the kharif crops," Sameriya said. The prevailing sluggish demand is not very helpful for market participants, he said. The government has also stopped procuring the mustard crop as it prefers to purchase fresh stock, he said. Wholesale prices of refined mustard oil were steady at 1,140 rupees per 10 ltr in Mumbai, data from The Solvent Extractors' Association of India showed.  

SOYBEAN prices in Indore in Madhya Pradesh were stable at 4,250-4,480 rupees per 100 kg, with arrivals declining by 347 bags to 2,250 bags (1 bag = 90 kg), Tilok Chaged, a local trader, said. Soybean prices have been stuck in one place and there is not much of a bullish or bearish trend, he said. Prices could improve only after mid-November, when arrivals of the new crop start decreasing, he said.

Soybean prices in Kota were unchanged at 4,451 rupees per 100 kg with arrivals down by 500 bags at 8,000 bags, Sameriya said. Wholesale prices of refined soyoil were up 0.5% at 970 rupees per 10 ltr in Mumbai, according to the SEA.

GROUNDNUT prices fell by 200 rupees in Gondal to 6,400-6,700 rupees per 100 kg, with arrivals down by 1,830 bags to 1,500 bags (1 bag = 45 kg), said Ashok Virvani, a local trader. "It rained heavily today, so arrivals were less than expected," he said. "Heavy rainfall usually creates a problem for farmers as they cannot bring their stocks to the market." Wholesale prices of refined groundnut oil were steady at 1,560 rupees per 10 ltr in Mumbai, data from the SEA showed.

India can only attempt to freeze edible oil imports at current levels as consumption growth is seen outpacing domestic output by 2030, according to Sunvin Chief Executive Officer Sandeep Bajoria. "Imports are not likely to fall. The best we can do is check imports and freeze at current levels," Bajoria said on the second day of the two-day Vegoils Vision 2030 conference in New Delhi. India's annual edible oil imports are around 16 mln tn.

India's oilmeal exports in June were up 20% on year at 335,196 tn, according to data released by SEA on 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.

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% higher at 906 rupees per 10 kg.

--The August contract of crude sunflower oil closed 0.1% higher at 918 rupees per 10 kg.

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

End

Edited by Rajeev Pai

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