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Informist, Wednesday, Jul 31, 2024

By Anjali Lavania

MUMBAI – Prices of mustard and soybean were down today in Jaipur and Indore, respectively, traders said. Similarly, groundnut prices were down in Gondal, Gujarat, they said. 
 

MUSTARD seed prices in Jaipur, Rajasthan, were down 25 rupees at 6,000-6,025 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. However, mustard prices in Kota were up 50 rupees at 5,700 rupees per 100 kg with arrivals remaining the same at 7,000 bags, Mahesh Sameriya, a Rajasthan-based trader said. 

"Due to bumper production during this rabi season, mustard prices have been mostly falling," Sameriya said. India's production of mustard seeds hit an all-time high of 12 mln tn in the 2023-24 season, according to The Solvent Extractors' Association of India.

"Due to government procurement, prices improved a bit, but now they are mostly stagnant or falling," Sameriya said. The government procurement of mustard has ended and huge quantities of edible oil imports are dragging down prices of the domestic oilseeds' basket, said Sameriya. 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 40 rupees at 4,120-4,350 rupees per 100 kg with arrivals remaining unchanged at 2,000 bags (1 bag = 90 kg), Mukesh Mangal, a local trader said. Similarly, soybean prices in Kota were down 71 rupees at 4,400 rupees per 100 kg, with arrivals up by 1,000 bags to 10,000 bags.

Soybean prices have been steady or falling since last week due to huge carry forward stocks with farmers and stockists, said Tilok Chaged, another Madhya Pradesh-based trader said. "Soybean prices are not expected to improve anytime soon in August," Chaged added. Short-term improvement in soybean prices is seen during the festival season, Chaged said. However, long-term improvement in prices can only be expected after mid-November, he said. Wholesale prices of refined soyoil were steady at 960 rupees per 10 ltr in Mumbai, according to SEA.

GROUNDNUT prices in Gondal, Gujarat, were down by 100 rupees at 5,900 rupees per 100 kg with arrivals declining by 100 bags to 700 bags (1 bag = 45 kg), said Ashok Virvani, a Gujarat-based trader. "Arrivals in mandis have been declining due to continuous heavy rainfall," 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. In Saurashtra, Gondal, Junagadh, arrivals are declining continuously, Virani said. Wholesale prices of refined groundnut oil were steady at 1,560 rupees per 10 ltr in Mumbai, data from the SEA showed.

Wholesale prices of refined SUNFLOWER oil were down 0.5% at 960 rupees per 10 ltr in Mumbai, SEA data showed.

On the National Commodity and Derivatives Exchange:

--The August contract of crude sunflower oil ended at 907.9 rupees per 10 kg, up 0.1% from the previous close.

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

End

Edited by Aditya Sakorkar

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