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Informist, Tuesday, Jul 30, 2024

By Afra Abubacker and Anjali Lavania

MUMBAI – Prices of mustard and groundnut were steady today in Jaipur, Rajasthan, and Gondal, Gujarat, traders said. Weak export demand and heavy rains in Gujarat are likely to drag groundnut prices down in the coming days, traders said. 
 

MUSTARD seed prices in Jaipur, Rajasthan, were in the range of 6,025-6,050 rupees per 100 kg. Arrivals in Rajasthan and across the country were estimated largely unchanged at 180,000 bags (1 bag = 50 kg), and 325,000 bags, respectively, according to Marudhar Trading Agency.

Mustard prices in Kota, Rajasthan, were unchanged at 5,650 rupees per 100 kg. Arrivals declined by 1,000 bags to 7,000 bags, Mahesh Sameriya, a Rajasthan-based trader said.

Government's exit from the market and increased supply of mustard amid bumper production are likely to weigh on prices. Prices are not seen rising beyond 6,200 rupees per 100 kg in the coming days.

Government procurement of mustard has ended and huge quantities of edible oil imports are dragging down prices of the domestic oilseeds basket, said Mahesh Sameriya, a Rajasthan-based trader said.

 
SOYBEAN prices in Indore were up slightly by 20 rupees at 4,160-4,390 rupees per 100 kg. Arrivals were seen at 2,000 bags (1 bag = 90 kg), Sandeep Sarda, a local trader said.

Soybean prices in Kota, Rajasthan, were at 4,471 rupees per 100 kg, with arrivals pegged at 9,000 bags.

"Slight fluctuations in prices by 20–50 rupees is an everyday phenomenon,"Sarda said. This does not affect the market in a major way, he said.

However, soybean prices are not expected to improve in August due to huge carry forward stocks with farmers and stockists, said Tilok Chaged, another Madhya Pradesh-based trader said.

Short-term improvement in soybean prices is seen during the festival season, Chaged said. However, long-term improvement in prices can be only expected after mid-November, he said.
 

GROUNDNUT prices in Gondal, Gujarat, were steady at 6,000 rupees per 100 kg with arrivals declining by 200 bags to 800 bags (1 bag = 45 kg), said Ashok Virvani, a Gujarat-based trader.
 

"Currently, export demand for groundnuts is very less and now the arrivals in mandis have also reduced," Amit Patel, another local trader said.

"Low export prices of Sudan peanuts are affecting the demand for Indian groundnut from countries like Indonesia, Malaysia, Thailand, as they prefer Sudan groundnuts," Patel said.

"With low export demand and continuous heavy rain are together pushing the commodity prices down," Virvani said. In Saurashtra, Gondal, Junagadh, arrivals are declining continuously, Virani said.

On the National Commodity and Derivatives Exchange:

--The August contract of crude sunflower oil ended at 913 rupees per 10 kg, down 0.8% from the previous close.

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

End

Edited by Deepshikha Bhardwaj

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