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Informist, Thursday, Jul 25, 2024

By Anjali Lavania

MUMBAI – Prices of mustard fell today due to sluggish buying by oil mills in Jaipur, Rajasthan, traders said. Soybean and groundnut prices were stable in Indore, Madhya Pradesh, and in Gondal, Gujarat, respectively, they said.

MUSTARD seed prices in Jaipur were down 50 rupees at 6,075-6,100 rupees per 100 kg. Arrivals in Rajasthan were unchanged at 165,000 bags (1 bag = 50 kg). Similarly, across India, too, arrivals were unchanged at 300,000 bags. Mustard prices in Kota, Rajasthan, were steady at 5,600 rupees per 100 kg with the same number of arrivals at 7,000 bags, Mahesh Sameriya, a Rajasthan-based trader, said.

"Buying of mustard at a slow pace by oil mills and poor demand are leading to a fall in mustard prices," Sameriya said. However, this downfall will be limited in the short term due to upcoming festival demand, he said. However, with cheaper imported edible oils available in markets, domestic oil and oilseed demand is affected negatively, Sameriya said. India's edible oil imports may rise 24% on month to 1.9 mln tn at the end of July on the back of a rise in imports of soyoil and palm oil, according to estimates by GGN Research accessed by Informist on Wednesday. Last year, edible oil imports in July were at 1.8 mln tn, the data showed. Consumers usually prefer imported sunflower at 82 rupees per litre over costlier domestic oils of 110–125 rupees per litre, he said. 

SOYBEAN prices in Indore were steady at 4,120-4,350 rupees per 100 kg, with arrivals also declining by 139 bags to 2,144 bags (1 bag = 90 kg), Tilok Chaged, a local trader, said. 

"The availaibilty of cheaper soyoil is affecting the demand for domestic oil and further demand for oilseeds" Chaged said. Total soyoil imports in July may rise 45% on month to 400,000 tn from 276,000 tn in June. "With imports at 400,000 tn, soyoil imports may hit a 13-month high in July," Rajesh G. Patel, managing partner at GGN Research, told Informist on Wednesday. Soybean prices in Kota were steady at 4,451 rupees per 100 kg with arrivals unchanged at 8,000 bags, Sameriya said. 

GROUNDNUT prices were steady at 6,000 rupees per 100 kg, with arrivals down by 100 bags to 600 bags (1 bag = 45 kg), said Amit Patel, a local trader. "Continuous heavy rainfall is a hindrance for farmers as they are not able to bring their stocks," Patel said. "Farmers are now worried as extremely heavy rainfall could damage the sown seeds in the current kharif season," Ashok Virvani, another local trader from Gujarat, said. The India Meteorological Department has predicted extremely heavy rainfall over Gujarat region till Friday.

AT 1532 IST on the National Commodity and Derivatives Exchange:

--The July contract of crude sunflower oil closed 0.4% lower at 900 rupees per 10 kg.

--The August contract of crude sunflower oil closed 0.3% lower at 915 rupees per 10 kg.

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

End

Edited by Tanima Banerjee

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