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Informist, Friday, Jul 26, 2024

By Anjali Lavania 

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

MUSTARD seed prices in Jaipur were down 25 rupees at 6,050-6,075 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 down 100 rupees and were at 5,500 rupees per 100 kg, with the same number of arrivals at 7,000 bags, Mahesh Sameriya, a Rajasthan-based trader, said.

"Sluggish demand and cheaper imports of edible oils are pushing down mustard oil prices and further of oilseeds," 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. However, this downfall will be limited in the short term due to upcoming festival demand, Sameriya said. Hardly any improvement in mustard prices is seen now, he said. 

SOYBEAN prices in Indore were up 20 rupees at 4,140-4,370 rupees per 100 kg, with arrivals increasing by 856 bags to 3,000 bags (1 bag = 90 kg), Tilok Chaged, a local trader, said.

"This rise in soybean prices by 10–30 rupees, is not helpful for market participants," Sandeep Sarda said. Prices have been falling for the past five days due to the availability of good quantities of old stock, he said. Also, higher acreage of soybean in this kharif season could lead to a fall in soybean prices further. According to the latest sowing released by the Ministry of Agriculture and Farmers Welfare last week, soybeans were sown in 10.8 mln ha, which is up from 8.2 mln ha last year. Soybean prices in Kota rose 25 rupees and were at 4,475 rupees per 100 kg, with arrivals unchanged at 8,000 bags, Sameriya said.  

"The availability of cheaper soyoil in huge quantities is dangerous for the domestic soybean market," 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.

GROUNDNUT prices were steady at 6,000 rupees per 100 kg, with arrivals down by 100 bags to 500 bags (1 bag = 45 kg), said Amit Patel, a local trader. "Continuous heavy rains and less demand are not encouraging farmers to bring their remaining stocks to mandis," Patel said. "This trend of low arrivals of groundnut in mandis of Gujarat has been there since two weeks, and could continue further in next month too," Ashok Virvani, another local trader from Gujarat, said. The India Meteorological Department has predicted very heavy rainfall over parts of Gujarat on Saturday-Monday. However, the state could experience extremely heavy rainfall today, the weather bureau said.   

AT 1554 IST on the National Commodity and Derivatives Exchange:

--The August contract of crude sunflower oil were steady at 915 rupees per 10 kg.

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

End

Edited by Manisha Baxla

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