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Informist, Tuesday, Aug 20, 2024

By Anjali Lavania

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

MUSTARD seed prices in the benchmark market of Jaipur rose 25 rupees from Saturday to 6,100-6,125 rupees per 100 kg. Arrivals in the state increased by 15,000 bags to 150,000 bags (1 bag = 50 kg). Similarly, arrivals all over India increased by 25,000 bags to 290,000 bags. Currently, demand for mustard is improving but at a slow pace, Mahesh Sameriya, a Rajasthan-based trader said.

Mustard prices in Kota were down 100 rupees from Wednesday to 5,450 rupees per 100 kg and arrivals were up by 2,000 bags to 8,000 bags. "Kota mandi in Rajasthan opened after five days of holidays," Sameriya said. However, demand for rapeseed-mustard oilmeals exports was down this month, which is limiting mustard prices, he said. 

In July, exports of mustard meal fell to 234,507 tn from 273,379 tn a year ago, according to data released by The Solvent Extractors' Association of India today.

Similarly, during Apr-Jul, exports of rapeseed were down to 758,028 tn from 894,117 tn a year ago. Bangladesh is one of the major importers of rapeseed meal. "The current crisis in Bangladesh may affect at least the temporary halting of the export of rapeseed meal, mainly exported by road or rail," the association said. Wholesale prices of refined mustard oil were steady at 1,140 rupees per 10 ltr in Mumbai since Friday, data from SEA showed.

SOYBEAN prices in key markets in Indore were steady at 4,200 rupees per 100 kg, according to Sandeep Sarda, a local trader. Arrivals of soybean were up by 300 bags to 2,200 bags (1 bag = 90 bags). New soybean crops will arrive in the markets from next month in most of the states, Tilok Chaged, another trader from Madhya Pradesh said. "Huge acreage under soybean this year, and sluggish buying by millers currently are weighing on soybean prices," 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 showed. Last year, soybean acreage across India was 11.7 mln ha. 

Also, soybean sowing in Gujarat in the ongoing kharif season has risen to nearly 300,000 ha, which is double from 148,000 ha in 2020, according to media reports. District-wise, Junagadh has the highest soybean sowing at 58,300 ha, while region-wise, Saurashtra (which includes Junagadh) is leading in soybean cultivation with 143,300 ha.

Soybean prices in Kota, Rajasthan were at 4,270 rupees per 100 kg and arrivals were 6,000 bags, Samriya said. Wholesale prices of refined soyoil have been steady at 950 rupees per 10 ltr in Mumbai since Friday, according to SEA.

GROUNDNUT prices in Gondal, Gujarat, were down 200 rupees from Saturday at 5,500 rupees per 100 kg, with arrivals up by 1,040 bags to 3,800 bags (1 bag = 45 kg), Ashok Virvani, a local trader, said. Currently, the export demand is sluggish as available stocks have too much moisture and are of poor quality, Amit Patel, another Gujarat-based trader said. Also, new groundnut crops will arrive in markets in October, so farmers are trying to sell old stocks at existing prices, he said. Wholesale prices of refined groundnut oil were steady at 1,450 rupees per 10 ltr in Mumbai since Friday, data from SEA showed. 

On the National Commodity and Derivatives Exchange:

--The August contract of crude SUNFLOWER oil ended at 900 rupees per 10 kg, down 0.1% from the previous close.

--The September contract of crude SUNFLOWER oil ended at 912 rupees per 10 kg, up 1.6% from the previous close.

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

End

Edited by Aditya Sakorkar

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