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Informist, Wednesday, Aug 14, 2024

By Anjali Lavania 

MUMBAI – Prices of mustard were steady today in Jaipur, Rajasthan, while those of soybean and groundnut fell in Indore, Madhya Pradesh, and in Gondal, Gujarat, respectively, traders said.

MUSTARD seed prices in Jaipur were steady at 6,050-6,075 rupees per 100 kg. Arrivals in the state were unchanged at 115,000 bags (1 bag = 50 kg). Similarly, arrivals all over India were unchanged at 200,000 bags. Mustard seed prices in Kota, Rajasthan, were unchanged at 5,500 rupees per 100 kg, with arrivals down by 500 at 6,000 bags, said Mahesh Sameriya, a trader in Rajasthan. "Mustard prices have been hovering around 6,100 rupees per 100 kg since a month now, he said. Short-term improvement could be seen during August-end ahead of festival demand, he 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 down 25 rupees at 4,225 rupees per 100 kg, according to Sandeep Sarda, a local trader. Arrivals of soybean were down 1,130 bags at 3,200 bags (1 bag = 90 bags). "Increased acreage this year and higher production could weigh on the soybean prices further," Sarda said. The acreage under soybean across India is 12.2 mln ha, up 4.1% from a year ago, data from the agriculture ministry shows. Last year, soybean acreage across India was 11.7 mln ha. Wholesale prices of refined soyoil were steady at 950 rupees per 10 ltr in Mumbai, according to SEA.

GROUNDNUT prices in Gondal, Gujarat, were down 100 rupees at 5,700 rupees per 100 kg with arrivals at 1,200 bags (1 bag = 45 kg), Ashok Virvani, a local trader from the state said. "In regions like Dwarka, Porbandar, Junagadh, and Rajkot, it has been raining heavily since the start of June. Due to heavy rains, farmers are having difficulty bringing their remaining stocks to mandis, and hence the quality of old stocks is degrading by the day as they are becoming more moisture-laden," Amit Patel, another local trader, said. Wholesale prices of refined groundnut oil were steady at 1,430 rupees per 10 ltr in Mumbai, data from the SEA showed. 

Moreover, huge imports of edible oils are also weighing on prices, he said. India's vegetable oil imports rose 7% on year to 1.89 mln tn in July, SEA said in a release today. The vegetable oil basket comprises edible and non-edible oils. Imports of vegetable oils consisted of 1.84 mln tn of edible oils and 55,014 tn of non-edible oils in July, the association said. In July, edible oil imports by India, the world's largest importer of edible oils, rose 5% on year to 1.84 mln tn. Imports of crude palm oil rose 11% on year to 936,876 tn in July, SEA said in the release. Refined, bleached and deodorised palmolein imports were down 42% last month to 136,853 tn in July. Imports of crude soyoil were up 14.5% at 391,791 tn.

On the National Commodity and Derivatives Exchange:

--The August contract of crude SUNFLOWER oil ended at 901 rupees per 10 kg, up 0.1% from the previous close.

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

End

Edited by Deepshikha Bhardwaj

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