India Edible Oil
Mustard up; Gujarat markets closed on heavy rains
This story was originally published at 20:36 IST on 27 August 2024
Register to read our real-time news.Informist, Tuesday, Aug 27, 2024
By Anjali Lavania
MUMBAI – Prices of mustard and soybean rose slightly today in Jaipur and Indore, respectively, traders said. Prices of groundnut in Gujarat were unavailable as markets were closed due to heavy rainfall, they added.
MUSTARD seed prices in the benchmark market of Jaipur in Rajasthan rose 25 rupees from Monday to 6,225-6,250 rupees per 100 kg. Arrivals in the state were down by 15,000 bags to 125,000 bags (1 bag = 50 kg). Arrivals across the country fell by 50,000 to 250,000 bags, according to Marudhar Trading Agency.
"Kota mandi in Rajasthan is closed today for Janmashtami celebration," said Mahesh Sameriya, a local trader. Mustard prices are improving but at a slow pace. However, long-term improvement cannot be expected, he added. Major fluctuations in mustard will be seen after the sowing months, he said. Sowing of mustard will start from October, he added. 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 Indore, Madhya Pradesh, were up by 200 rupees from Friday to 4,500 rupees per 100 kg, according to Mukesh Mangal, a local trader. Arrivals of soybean fell to 100 bags (1 bag = 90 kg) from 200 bags on Friday. "Soybean prices have been improving for the past three days due to fewer arrivals," Mangal said. Farmers and stockists are holding stocks in anticipation of a rise in soybean prices in coming weeks, he said. Wholesale prices of refined soyoil were steady at 970 rupees per 10 ltr in Mumbai from Friday, according to the SEA.
GROUNDNUT prices from Gondal in Gujarat were unavailable as markets were shut for Janmashtami and also due to heavy rainfall, Dilipbhai Ramani, a local trader said. "Janmashtami is a very special festival for us, so usually the celebration goes on for a few days," he said. Markets will open around Sep 3, he added. Moreover, most of the mandis like Saurashtra and Junagadh in the state are closed because it has been raining very heavily in Gujarat for the past three days, Ashok Virvani, another local trader, said. Wholesale prices of refined groundnut oil were up 0.7% at 1,420 rupees per 10 ltr in Mumbai, data from the SEA showed.
The India Meteorological Department has issued a red alert for extremely heavy rainfall in Gujarat today. The weather bureau has also issued a red alert for Saurashtra and Kutch in the state till Thursday.
On the National Commodity and Derivatives Exchange:
--The August contract of crude SUNFLOWER oil ended at 925.2 rupees per 10 kg, up 0.8% from the previous close.
--The September contract of crude SUNFLOWER oil ended at 943.9 rupees per 10 kg, up 1.1% 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 | 6,225-6,250 | 25 |
Soybean | Indore | 4,500 | 200 |
Groundnut | Gondal | -- | -- |
End
Edited by Akul Nishant Akhoury
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