More Stories

Informist, Friday, Aug 16, 2024

By Anjali Lavania

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

MUSTARD seed prices in the benchmark market of Jaipur rose 25 rupees and were at 6,075-6,100 rupees per 100 kg. Arrivals in the state increased by 20,000 bags to 135,000 bags (1 bag = 50 kg). Similarly, arrivals all over India increased by 65,000 bags to 265,000 bags. "Demand by oil mills is increasing gradually ahead of the festival season," said a trader from Jaipur who did not want to be named. However, this change will be for a short duration. "Kota mandi in Rajasthan is closed today and will open on Tuesday as traders have gone for a monsoon picnic," Mahesh Sameriya, a Rajasthan-based trader said. He said that traders usually go every year for this tour. 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 key markets of Indore were down 25 rupees at 4,200 rupees per 100 kg, according to Sandeep Sarda, a local trader. Arrivals of soybean were down 1,300 bags to 1,900 bags (1 bag = 90 bags). "No major improvement is expected in soybean prices currently," Tilok Chaged, another local trader, said. However, long-term improvement in prices could be seen in mid-November, Chaged 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 steady at 5,700 rupees per 100 kg, with arrivals up by 1,560 bags to 2,760 bags (1 bag = 45 kg), Ashok Virvani, a local trader, said. "Indian groundnut market depends a lot on export demand," Amit Patel, another local trader, said. Currently, the export demand is sluggish as available stocks have too much moisture and are of poor quality, Patel said. Wholesale prices of refined groundnut oil were up 1.4% at 1,450 rupees per 10 ltr in Mumbai, data from 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. 

On the National Commodity and Derivatives Exchange:

--The September contract of crude SUNFLOWER oil ended at 904 rupees per 10 kg, up 0.6% from the previous close.

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

End

Edited by Tanima Banerjee

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2024. All rights reserved.