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Informist, Wednesday, Aug 7, 2024

By Anjali Lavania

MUMBAI – Prices of mustard today fell in Jaipur, Rajasthan, while those of soyoil were steady in Indore, Madhya Pradesh, traders said. Groundnut prices rose at Gondal in Gujarat.
 

MUSTARD seed prices in Jaipur fell by 25 rupees from Tuesday at 6,050-6,075 rupees per 100 kg. Arrivals in Rajasthan were unchanged at 170,000 bags (1 bag = 50 kg). Similarly, arrivals across the country were also unchanged at 300,000 bags, according to Marudhar Trading Agency. However, mustard prices at Kota in Rajasthan were steady at 5,500 rupees per 100 kg, with arrivals unchanged at 6,000 bags, said Mahesh Sameriya, a Rajasthan-based trader. Higher imports of edible oil are negatively affecting the demand for domestic oil and further of domestic oilseeds, Sameriya said. 

India's imports of edible oil are likely to have risen around 22% on month to 1.9 mln tn in July due to higher shipments of crude palm oil and crude soyoil. "July imports are among the highest in recent times in the country," Sunvin Group Chief Executive Officer Sandeep Bajoria told Informist. He said this was because of the festival season coming up, and because it is the off season for local crops. People start buying edible oil for festivals a month in advance, he said. 

"Moreover, purchasing has been very slow from government agencies like National Agricultural Co-operative Marketing Federation of India Ltd. All these factors together prompted India to import so much," Bajoria 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 4,080-4,310 rupees per 100 kg, with arrivals down by 600 bags at 1,000 bags (1 bag = 90 kg), said Mukesh Mangal, a local trader. Similarly, soybean prices in Kota were steady at 4,250 rupees per 100 kg, with arrivals increasing by 500 bags to 8,500 bags. "Huge imports of soyoil are weighing on soybean prices as well," said Sandeep Sarda, another trader from the state. Imports of soyoil are estimated to have increased significantly, by 91.4%, to 469,441 tn in July from 245,220 tn in June, according to Sunvin Group. Any improvement now in soybean prices will be rare, Sarda said. Wholesale prices of refined soyoil were steady at 955 rupees per 10 ltr in Mumbai, according to SEA. 

GROUNDNUT prices in Gondal rose slightly by 50 rupees to 5,850 rupees per 100 kg, with arrivals down slightly by 100 bags (1 bag = 45 kg) at 500 bags, said Ashok Virvani, a Gujarat-based trader. "Prices have improved a bit after many days, but this is for short duration," said Amit Patel, a trader from Gujarat. Arrivals in mandis are declining due to bad weather conditions, he said. Wholesale prices of refined groundnut oil were down 0.6% at 1,470 rupees per 10 ltr in Mumbai, data from the SEA showed. 

On the National Commodity and Derivatives Exchange:

--The August contract of crude SUNFLOWER oil ended at 897 rupees per 10 kg, down 0.7% from the previous close.

--The September contract of crude SUNFLOWER oil ended was steady at 903 rupees per 10 kg.

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

End

Edited by Tanima Banerjee

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