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Informist, Thursday, Aug 1, 2024

By Anjali Lavania

MUMBAI – Prices of mustard and soybean were steady today in Jaipur, Rajasthan, and Indore, Madhya Pradesh, respectively, traders said. Groundnut prices were down in Gondal, Gujarat, they said. 
 

MUSTARD seed prices in Jaipur, Rajasthan, were steady at 6,000-6,025 rupees per 100 kg. Arrivals in Rajasthan were down 10,000 bags (1 bag = 50 kg) at 170,000 bags. Similarly, arrivals across the country were down 25,000 bags at 300,000 bags, according to Marudhar Trading Agency. However, mustard prices in Kota were down 150 rupees at 5,550 rupees per 100 kg, with arrivals remaining the same at 7,000 bags, Mahesh Sameriya, a Rajasthan-based trader, said. 

"Bumper production this rabi season, sluggish demand, less procurement by the government have affected mustard prices negatively," 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 the end of seasonal demand and government procurement in June, mustard prices have been stagnant or falling," Sameriya said. Moreover, huge quantities of edible oil imports are dragging down prices of the domestic oil and further of oilseeds, 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 steady at 4,120-4,350 rupees per 100 kg, with arrivals down 250 bags at 1,750 bags(1 bag = 90 kg), Mukesh Mangal, a local trader, said. However, soybean prices in Kota were down 100 rupees at 4,300 rupees per 100 kg, with arrivals also down 3,000 bags at 7,000 bags.

Soybean prices have been declining since a week due to huge carryforward stocks by farmers and stockists, said Tilok Chaged, another Madhya Pradesh-based trader. 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 100 rupees at 5,800 rupees per 100 kg, with arrivals declining 200 bags (1 bag = 45 kg) to 500 bags, said Ashok Virvani, a Gujarat-based trader. "There has been heavy rainfall in the state since last 25 days," Amit Patel, another local trader, said. Heavy rains are making it difficult for farmers to bring their stocks to various spot markets, Patel said. "Export demand for Indian groundnut has been very low recently due to the large moisture content in stocks which is degrading the quality," Patel said. In Saurashtra, Gondal, and Junagadh, arrivals are declining continuously, Ashok Virani, another Gujarat-based trader said. "New groundnut crop will arrive in markets during early October, Virvani said. Wholesale prices of refined groundnut oil were down 0.6% at 1,550 rupees per 10 ltr in Mumbai," data from the SEA showed.

Wholesale prices of refined SUNFLOWER oil were down 0.5% at 955 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 893.1 rupees per 10 kg, down 1.6% from the previous close.

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

End

Edited by Manisha Baxla

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