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Informist, Wednesday, Jul 24, 2024

By Anjali Lavania

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

MUSTARD seed prices in Jaipur were steady at 6,125-6,150 rupees per 100 kg. Arrivals in Rajasthan were down by 15,000 bags at 165,000 bags (1 bag = 50 kg). Across India, too, arrivals were down by 50,000 bags at 300,000 bags. Mustard price in Kota, 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.

"There has been no major improvement in mustard prices for a week due to sluggish buying and poor demand," Sameriya said. Festival demand may improve prices for a short duration. However, with cheaper imported edible oils available in markets, domestic oil and oilseed demand is affected negatively, Sameiya said. The price of domestic mustard oil is around 110-114 rupees per litre and that of imported sunflower oil is 82 rupees per litre. Consumers will obviously prefer imported sunflower over costlier domestic oils, 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 30 rupees at 4,120-4,350 rupees per 100 kg, with arrivals increasing by 73 bags to 2,283 bags (1 bag = 90 kg), Tilok Chaged, a local trader, said. 

"If the government has to achieve self-reliance in the oil and oilseeds sector as per the budget announcement yesterday, then first it will have to keep a check on the import of cheap imported edible oil, especially sunflower oil," Chaged said. It appears that the soybean market will be bearish at least till mid-November, he said. 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 were steady at 6,000 rupees per 100 kg, with arrivals down by 300 bags to 700 bags (1 bag = 45 kg), said Amit Patel, a local trader. "Heavy rainfall is a hindrance for farmers as they are not able to bring their stocks," Patel said. "Many mandis like Saurashtra in Gujarat received no arrivals due to extremely heavy rainfall, Ashok Virvani, another local trader from Gujarat 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 0.1% lower at 903.1 rupees per 10 kg.

--The August contract of crude sunflower oil closed 1.3% lower at 911.1 rupees per 10 kg.

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

End

Edited by Deepshikha Bhardwaj

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