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Informist, Monday, Aug 5, 2024

By Anjali Lavania

Mumbai – Prices of mustard rose today in Jaipur, traders said. Soybean and groundnut prices were steady in Indore and Gondal, respectively, they added.
 

MUSTARD seed prices in Jaipur, Rajasthan, were up 50 rupees from Friday at 6,100-6,125 rupees per 100 kg. Arrivals in Rajasthan were up 15,000 bags (1 bag = 50 kg) at 165,000 bags. Arrivals across the country were also up by 15,000 bags to 290,000 bags, according to Marudhar Trading Agency. However, mustard prices in Kota, also in Rajasthan, were down 50 rupees at 5,550 rupees per 100 kg, with arrivals down 1,000 bags to 6,000 bags, Mahesh Sameriya, a Rajasthan-based trader, said.

Arrivals of mustard seed across the country in July are estimated at 850,000 tn, according to a report by the Jaipur-based Marudhar Trading Agency. The agency estimates total arrivals in the 2024-25 (Mar-Feb) marketing season at a record 12.3 mln tn.

Mills across India crushed around 900,000 tn of mustard seed in July, the report showed. "Crushing was less in July as compared to June as seasonal demand ended," a trader from the agency said. Due to sluggish demand, millers are buying cautiously, he said. Millers are also not interested in storing the oilseed with seasonal demand over, he added.

The government's procurement of mustard ended in July. Total procurement by the government from March to June was 2 mln tn, the agency report said. "Procurement by the government helped the prices to improve a bit, but now mustard prices are hovering around 6,200 rupees per 100 kg and rarely rise above it," a Jaipur-based trader said. 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, Madhya Pradesh, were steady at 4,100-4,330 rupees per 100 kg, with arrivals up by 50 bags at 1,700 bags (1 bag = 90 kg), Mukesh Mangal, a local trader, said. However, soybean prices in Kota were down 50 rupees at 4,250 rupees per 100 kg, with arrivals unchanged at 8,000 bags. Prices could increase after mid-November as fewer arrivals will be there in the markets, Mangal 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 steady at 5,800 rupees per 100 kg, with arrivals up slightly by 50 bags (1 bag = 45 kg) at 500 bags, said Ashok Virvani, a Gujarat-based trader. "Currently, groundnut and groundnut oil demand from India is very low in the global market," Amit Patel, a trader from Gujarat, said. Moreover, heavy rainfall is preventing farmers bringing their stocks to markets, he added. Hence, arrivals in mandis are declining. Wholesale prices of refined groundnut oil were down 4.5% at 1,480 rupees per 10 ltr in Mumbai, data from the SEA showed.

Groundnut sowing in Gujarat has crossed 1.88 mln ha during the ongoing kharif season, the highest since 2021, according to media reports. According to the latest data released by Gujarat's Agriculture, Farmers' Welfare and Cooperation Department, groundnut sowing has increased by 16% over the 1.62 mln ha sown in 2023, the reports said. Currently, acreage at 1.88 mln ha in Gujarat is also the highest in two years. 

On the National Commodity and Derivatives Exchange:

--The August contract of crude SUNFLOWER oil ended at 904.5 rupees per 10 kg, down 0.1% from the previous close.

--The September contract of crude sunflower oil ended at 920 rupees per 10 kg, up 1.6% from the previous close.

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

End

Edited by Rajeev Pai

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