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Informist, Monday, Jul 22, 2024

By Anjali Lavania

MUMBAI – Prices of mustard rose slightly in Jaipur, Rajasthan, while those of soybean fell in Indore, Madhya Pradesh, today, traders said. Prices of groundnut in Gondal, Gujarat, were steady, they said.

MUSTARD seed prices in Jaipur rose slightly by 25 rupees from Saturday and were in the range of 6,100-6,125 rupees per 100 kg. Arrivals in Rajasthan were up by 5,000 bags at 180,000 bags (1 bag = 50 kg). Across India, too, arrivals were up by 25,000 bags at 350,000 bags. Mustard prices in Kota, also in Rajasthan, were up by 100 rupees at 5,600 rupees per 100 kg with arrivals down by 500 bags at 7,000 bags, Mahesh Sameriya, a Rajasthan-based trader, said.

"For a month, prices have been hovering around 6,100-6,200 rupees per 100 kg," Sameriya said. However, due to festival demand, mustard prices could improve for a short duration. A major improvement will only be seen in the next rabi season (Nov-Apr), 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 were down by 50 rupees at 4,200-4,430 rupees per 100 kg, with arrivals declining by 1,050 bags to 1,200 bags (1 bag = 90 kg), Tilok Chaged, a local trader, said. "Sluggish demand and fall in prices by 30–50 rupees every day are affecting the domestic markets negatively," he said. It appears that the soybean market will be bearish at least till mid-November, he said.

The area under kharif soybean in 2024 is 11.8 mln ha, down 0.3% from the previous year, according to a survey by the Soybean Processors Association of India. The survey was undertaken by two teams of SOPA which travelled to major soybean-growing districts of Madhya Pradesh, Maharashtra, and Rajasthan. As per the survey, the area under soybean this year is almost the same as last year, though in some areas there has been some shift from soybean to other crops, mainly maize and pulses.

The survey also found a shift to soybean from other kharif crops. The acreage under kharif soybean in Madhya Pradesh, one of the top producers of the crop, was 5.1 mln ha, down 1.5% from the previous year, as per the survey. In Rajasthan, the area under soybean was 1.0 mln ha, down 7.2% on the year.

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

GROUNDNUT prices were steady at 6,400-6,700 rupees per 100 kg, with arrivals down by 200 bags at 1,300 bags (1 bag = 45 kg), said Ashok Virvani, a local trader. "Due to heavy rainfall in Gujarat for the past five days, arrivals have been less in spot markets." Heavy rainfall is preventing farmers from bringing their produce to the mandis. Also, the produce that does make it to the markets is degraded in quality, Virvani said. 

"This has been happening for a week, arrivals at mandis in Gujarat have been less than expected and this scenario could continue for a month now," Amit Patel, another groundnut trader from Gujarat, said. Wholesale prices of refined groundnut oil were down by 0.6% at 1,550 rupees per 10 ltr in Mumbai, data from the SEA showed.

Wholesale prices of refined SUNFLOWER oil were down by 0.6% at 970 rupees per 10 ltr in Mumbai, SEA data showed.

On the National Commodity and Derivatives Exchange:

--The July contract of crude sunflower oil closed 0.9% higher at 913 rupees per 10 kg.

--The August contract of crude sunflower oil closed 1.3% higher at 931 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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