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Informist, Monday, Jul 29, 2024

By Afra Abubacker

MUMBAI – Prices of major oilseeds across key markets were steady today. Mustard seed prices are not likely to see a major uptick as government procurement of the oilseed has ended and farmers are offloading stocks at prevailing rates, traders said. 

MUSTARD seed prices in Jaipur, Rajasthan, were in the range of 6,025-6,050 rupees per 100 kg, steady from Saturday, but 25 rupees down from Friday, a Jaipur-based trader said. Arrivals were at 180,000 bags ((1 bag = 50 kg), up 30,000 bags from Saturday, according to Marudhar Trading Agency. Across India, arrivals were seen at 325,000 bags, up 60,000 bags from Saturday.

Mustard prices in Kota, Rajasthan, were at 5,650 rupees per 100 kg with arrivals at 8,000 bags, Mahesh Sameriya, a trader from the state, said. "No major improvement is happening in the mustard market," Sameriya said. Prices are not rising beyond 6,200 rupees per 100 kg. Farmers are selling the remaining stock at prevailing rates now, he said. The procurement of mustard has ended and huge quantities of edible oil imports are dragging down prices of the domestic oilseeds basket, he said.

SOYBEAN prices in Indore were steady at 4,140-4,370 rupees per 100 kg. Arrivals are pegged at 2,050 bags (1 bag = 50 kg), Tilok Chaged, a trader from Madhya Pradesh, said. "Soybean new crop arrivals will be in mandis by the end of September," Chaged said. However, prices may improve only in mid-November as arrivals will start declining then, he said.

Soybean prices in Kota, Rajasthan, were at 4,460 rupees per 100 kg, and arrivals were pegged at 9,000 bags, Sameriya said.

GROUNDNUT prices in Gondal, Gujarat, were steady at 6,000 rupees per 100 kg, with arrivals seen at 1,000 bags (1 bag = 45 kg), Amit Patel, a trader from Gujarat, said. "Rainfall was less today compared to the previous days, so arrivals were slightly higher," he said. "Prices could improve in the coming months due to the festival season," Ashok Virvani, another Gujarat-based trader, said.

At 1614 IST on the National Commodity and Derivatives Exchange:

--The August contract of crude sunflower oil was at 914.3 rupees per 10 kg, down 0.7% from the previous close.

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

End

With inputs from Anjali Lavania

Edited by Rajeev Pai

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