India Edible Oil
Mustard, soybean tad up; groundnut down in key mkts
This story was originally published at 21:18 IST on 22 August 2024
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By Anjali Lavania
MUMBAI – Prices of mustard and soybean rose today in Jaipur and Indore, respectively, traders said. On the other hand, groundnut prices were down in Gondal, they said.
MUSTARD seed prices in the benchmark market of Jaipur in Rajasthan rose 25 rupees from Wednesday to 6,150-6,175 rupees per 100 kg. Arrivals in the state were unchanged at 140,000 bags (1 bag = 50 kg). Arrivals across the country were up by 10,000 bags at 300,000 bags, according to Marudhar Trading Agency.
"This is the maximum improvement in mustard prices," Mahesh Sameriya, trader from Rajasthan, said. Overall, the oilseed market is down, he added. Sowing of mustard will start from October, he said. Major fluctuations in mustard will be seen after the sowing months, he added. However, mustard seed prices in Kota were up 50 rupees at 5,500 rupees per 100 kg and arrivals were unchanged at 6,000 bags.
Mustard production in the crop year 2023-24 (Jul-Jun) is at a record 13.16 mln tn. Government agencies have purchased 1.2 mln tn of mustard from farmers in Haryana, Madhya Pradesh, Rajasthan and Uttar Pradesh this season, according to media reports.
Wholesale prices of refined mustard oil were steady at 1,140 rupees per 10 ltr in Mumbai, according to data from The Solvent Extractors Association of India.
SOYBEAN prices in key markets of Indore rose slightly by 50 rupees to 4,250-4,300 rupees per 100 kg, according to Sandeep Sarda, a local trader. Arrivals of soybean were up by 1,000 bags at 2,200 bags (1 bag = 90 kg). Similarly, soybean prices in Kota rose by 30 rupees to 4,300 rupees per 100 kg and arrivals were up by 1,000 bags at 9,000 bags, Sameriya said.
"Prices are lower than the fixed minimum support price of 4,892 rupees per 100 kg and observing the increasing acreage under soybean this year, after the new harvest too, prices are expected to remain below the support price," Neeraj Sahu, another local trader said. Fluctuations of 20–50 rupees happen every day and do not affect the market much, he said.
Imports of cheaper soybean are also weighing on domestic prices, Tilok Chaged, another Madhya Pradesh-based trader said. Imports of crude soyoil were up 14.5% at 391,791 tn in July, according to SEA data. Wholesale prices of refined soyoil were up 0.5% at 955 rupees per 10 ltr in Mumbai since Friday, according to the SEA.
GROUNDNUT prices in Gondal, Gujarat, were down 100 rupees at 5,300-5,500 rupees per 100 kg, with fewer arrivals at 540 bags (1 bag = 45 kg), Ashok Virvani, a local trader, said.
"The export demand for groundnut and groundnut oil from India is very low and arrivals of groundnut in all markets has also reduced," Amit Patel, another Gujarat-based trader said. Moreover, Sudan's groundnut price is currently at $1,130 per tn, while the Indian groundnut price in the global market is $1,230 per tn. China, one of the largest importers of groundnuts, does not have to pay any duty to import groundnuts from Sudan, whereas if it imports from India, it has to pay 15% duty. Hence, cheaper Sudan groundnut prices are affecting demand for Indian groundnuts in the global market, Patel said.
The acreage under groundnut across the country has increased 9% to 4.6 mln ha, data from the farm ministry showed. Most of the mandis will be closed from Friday for the next 10 days for Janmashtami, Dilipbhai Ramani, another local trader said. Wholesale prices of refined groundnut oil were down 2.1% at 1,430 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 908 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:
COMMODITY | MARKET | PRICE (rupees/100 kg) | CHANGE (rupees) |
Mustard | Jaipur | 6,150-6,175 | 25 |
Soybean | Indore | 4,250-4,300 | 50 |
Groundnut | Gondal | 5,300-5,500 | (-)100 |
End
US$1 = 83.95 rupees
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Ashish Shirke
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