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Informist, Thursday, Aug 8, 2024

By Afra Abubacker and Anjali Lavania

NEW DELHI – Mustard prices rose in major Rajasthan markets as traders ramped up purchases ahead of the festival season, traders said. Soybean and groundnut prices remained steady in major markets today, and are likely to be range-bound in the near term as increased sowing is likely to offset festive demand, they added. 

MUSTARD seed prices in Jaipur, Rajasthan, rose slightly by 25 rupees and were 6,075-6,100 rupees per 100 kg. Arrivals in the state and across India were unchanged at 170,000 bags (1 bag = 50 kg), and 300,000 bags, respectively. In Kota, Rajasthan, mustard rates were 5,570 rupees per 100 kg, up 70 rupees from Wednesday. Arrivals were at 7,000 bags, up 1,000 bags from the previous day, said Mahesh Sameriya, a Rajasthan-based trader. 

Higher demand for cooking oil ahead of the festival season is driving oilseed prices. "Due to the festival demand, prices of oilseeds and edible oils could increase in mid-August", Sandeep Sarda, an Indore-based trader, said. 

SOYBEAN prices in Indore, Madhya Pradesh, were steady at 4,080-4,310 rupees per 100 kg, said Mukesh Mangal, a local trader. "Huge imports of soyoil are weighing on soybean prices," 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.

GROUNDNUT prices in Gondal are steady at 5,850 rupees per 100 kg, with arrivals at 500 bags (1 bag = 45 kg), Amit Patel, a Gujarat-based trader, said. Groundnut acreage has increased in Gujarat as farmers shifted to the oilseed from cotton amid rising pink bollworm attacks on the crop. "Groundnut sowing has increased rapidly this year. Farmers are also preferring groundnut over cottonseed due to various diseases and pest attacks," Ashok Virvani, a Gujarat-based trader said.

Traders see groundnut price gains capped due to increased sowing, sluggish exports, and stock quality degradation amid moisture-laden weather conditions. "Groundnut prices could hardly rise currently. They may rise after October," Virvani said. 

The area under groundnut in Gujarat has increased to 1.9 mln ha, up 16.9% on year. Soybean has been sown across 296,580 ha, up 11.8% on year, as per the state acreage report on Monday. 

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

End

Edited by Deepshikha Bhardwaj

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