More Stories

Informist, Tuesday, Jul 23, 2024

By Anjali Lavania

MUMBAI – Prices of mustard rose slightly in Jaipur, Rajasthan, traders said. Soybean and groundnut prices fell in Indore, Madhya Pradesh, and Gondal, Gujarat, respectively, they said.

MUSTARD seed prices in Jaipur were at 6,125-6,150 rupees per 100 kg, up 25 rupees from Monday. Arrivals in Rajasthan were unchanged at 180,000 bags (1 bag = 50 kg). Across India, too, arrivals were same at 350,000 bags. Mustard price in Kota, also in Rajasthan, was unchanged at 5,600 rupees per 100 kg with the same number of arrivals at 7,000 bags, Mahesh Sameriya, a Rajasthan-based trader, said.

"Seasonal demand for mustard has ended, and no major improvement is seen in the short term," Sameriya 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 50 rupees at 4,150-4,380 rupees per 100 kg, with arrivals increasing by 1,010 bags to 2,210 bags (1 bag = 90 kg), Tilok Chaged, a local trader, 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. Kharif soybean acreage 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, area under soybean was 1.0 mln ha, down 7.2% on year. The association emphasised that soybean progress in the future depends heavily on monsoon patterns, rainfall distribution, and temperatures in the coming months.

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 SEA.

GROUNDNUT prices fell by 400 rupees to 6,000 rupees per 100 kg, with arrivals down by 300 bags at 1,000 bags (1 bag = 45 kg), said Ashok Virvani, a local trader. "Due to heavy rainfall in Gujarat for the past week, arrivals have been less in spot markets." Heavy rainfall is preventing farmers from bringing their produce to the mandis.

"This negative trend in prices was not expected but due to heavy rainfall now we have to bear this," Amit Patel, another groundnut trader from Gujarat, said. Fresh crop arrivals after three months could help prices to improve as buyers prefer new crops, Patel said. Wholesale prices of refined groundnut oil were steady at 1,550 rupees per 10 ltr in Mumbai, data from the SEA showed.

Wholesale prices of refined SUNFLOWER oil were steady 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 0.8% lower at 904.1 rupees per 10 kg.

--The August contract of crude sunflower oil closed 0.4% lower at 924.8 rupees per 10 kg.

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

End

Edited by Aditya Sakorkar

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.