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Informist, Wednesday, Aug 21, 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 in Rajasthan rose 25 rupees from Tuesday and were at 6,125-6,150 rupees per 100 kg. Arrivals in the state decreased by 10,000 bags to 140,000 bags (1 bag = 50 kg).

Short-term improvement is expected by the end of this month ahead of the festival season, a Jaipur-based trader, who did not want to be identified, said. But in the longer term, prices could fall owing to weak demand for rapeseed-mustard oilmeal exports, he said. In July, exports of mustard meal fell to 234,507 tn from 273,379 tn a year ago, according to the Solvent Extractors' Association of India.

"No major improvement is seen in mustard prices currently," Mahesh Sameriya, another trader from Rajasthan, said. Prices have been hovering around 6,000-6,150 rupees per 100 kg for the past two weeks, he said. Overall, the oilseed market is down currently, he added. Mustard seed prices in Kota were steady at 5,450 rupees per 100 kg and arrivals were down by 2,000 bags to 6,000 bags. Wholesale prices of refined mustard oil were steady at 1,140 rupees per 10 ltr in Mumbai, according to SEA data. 

SOYBEAN prices in key markets in Indore were steady in the range of 4,200-4,250 rupees per 100 kg, according to Sandeep Sarda, a local trader. Arrivals of soybean were down by 1,000 bags to 1,200 bags (1 bag = 90 kg).

"A good harvest is expected this year, but a decline in prices almost every day ahead of the beginning of the season is concerning farmers," Mukesh Mangal, another local trader said. He was referring to the expected start of new crop arrivals. Fresh soybean will start arriving in markets from next month in most states, said Tilok Chaged, another trader from Madhya Pradesh. Imports of cheaper soybean are also weighing on domestic prices, Chaged said. Imports of crude soyoil were up 14.5% at 391,791 tn in July, according to SEA data. 

Soybean prices in Kota were also steady at 4,270-4,281 rupees per 100 kg and arrivals were up by 2,000 bags at 8,000 bags, Sameriya said. Wholesale prices of refined soyoil have been steady at 950 rupees per 10 ltr in Mumbai since Friday, according to the SEA.

GROUNDNUT prices in Gondal, Gujarat, were down 100 rupees from Tuesday at 5,400 rupees per 100 kg, with arrivals up by 1,000 bags at 4,800 bags (1 bag = 45 kg), Ashok Virvani, a local trader, said. "Currently, export demand is weak as available stocks have high moisture content and are of poor quality," said Amit Patel, another Gujarat-based trader. Moreover, the new groundnut crop is expected to start arriving in October, so farmers are trying to sell off old stocks at existing prices, he said. Wholesale prices of refined groundnut oil were up 0.7% at 1,460 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 902.9 rupees per 10 kg, up 0.2% from the previous close.

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

End

Edited by Rajeev Pai

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