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Informist, Friday, Aug 23, 2024

By Anjali Lavania

MUMBAI – Prices of mustard and soybean rose slightly today in Jaipur and Indore, respectively, traders said. Groundnut prices were unavailable as market in Gondal was shut, they said.

MUSTARD seed prices in the benchmark market of Jaipur in Rajasthan rose 25 rupees from Thursday to 6,175-6,200 rupees per 100 kg. Arrivals in the state were steady at 140,000 bags (1 bag = 50 kg). Similarly, arrivals across the country were also steady at 300,000 bags, according to Marudhar Trading Agency.

"Currently, improvement in mustard prices beyond 6,200 rupees per 100 kg is rare," Mahesh Sameriya, a Rajasthan-based trader said. Major fluctuations in mustard will be seen after the sowing months, he said. Sowing of mustard will start from October, he added. However, mustard seed prices in Kota were steady at 5,500 rupees per 100 kg and arrivals were unchanged at 6,000 bags. 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, Madhya Pradesh, were steady at 4,250-4,300 rupees per 100 kg early in the day, but prices rose later in the day by 100 rupees and were in the range of 4,400-4,500 per 100 kg, according to Mukesh Mangal, a local trader. Arrivals of soybean fell sharply to 200 bags (1 bag = 90 kg) from 2,200 bags on Thursday. However, in Kota, soybean prices fell by 49 rupees to 4,251 rupees per 100 kg. Arrivals also declined by 1,000 bags to 8,000 bags, Sameriya said.

The new soybean harvest will arrive in most of the markets of Madhya Pradesh from next month, Tilok Chaged, a local trader said. Most of the fresh crop will have a high moisture content. Hence, soybean prices are expected to fall in the long-run, he said. Millers prefer imported seeds due to better availability and cheaper prices, said Devendra Goyal, another local trader. Wholesale prices of refined soyoil were up 0.5% at 960 rupees per 10 ltr in Mumbai since Friday, according to the SEA.

GROUNDNUT prices from Gondal in Gujarat were unavailable as markets were shut for preparations for Janmashtami, local trader Ashok Virvani said. "It is a very special festival for us, so usually the preparation starts around a week before," he said. Most of the mandis in the state will be closed for 10 days and will reopen around Sep 3, Dilipbhai Ramani, another local trader said. Wholesale prices of refined groundnut oil were down 0.7% at 1,420 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 914 rupees per 10 kg, up 0.7% from the previous close.

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

End

Edited by Ashish Shirke

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