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Informist, Wednesday, Aug 28, 2024

By Anjali Lavania

MUMBAI – Prices of mustard seed and soybean fell in the markets of Jaipur and Indore, respectively, traders said. Prices of groundnut were unavailable as markets in Gujarat were closed due to heavy rainfall, they added.

MUSTARD seed prices in the benchmark market of Jaipur in Rajasthan fell 25 rupees from Tuesday to 6,200-6,225 rupees per 100 kg. Arrivals were steady at 125,000 bags (1 bag = 50 kg). Similarly, arrivals across the country were steady at 250,000 bags, according to Marudhar Trading Agency.

"Fluctuations in mustard prices by 25–50 rupees is an everyday phenomenon which does not affect the market much," said Mahesh Sameriya, a local trader. Mustard prices are hovering around 6,200 rupees per 100 kg and are not rising above that, which is worrying market participants, he added. The new crop will be sown in October. Hence, major fluctuations in mustard will be seen after the sowing months, he said.

In Kota, Rajasthan, mustard prices were up 150 rupees from Monday at 5,650 rupees per 100 kg, Sameriya said. Kota market was closed Tuesday on the occasion of Janmashtami.

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 down by 100 rupees from Tuesday at 4,400 rupees per 100 kg, according to Mukesh Mangal, a local trader. Arrivals of soybean increased to 600 bags (1 bag = 90 kg) from 100 bags on Tuesday. "Arrivals were of poor quality with high moisture content," Sandeep Sarda, another trader from the state said. Also, prices in the long term will be determined by the quality and quantity of the new arrivals, he said. New arrivals of soybean will start coming into major markets from September-end, he said.

Wholesale prices of refined soyoil were up 0.5% at 975 rupees per 10 ltr in Mumbai, according to the SEA.

GROUNDNUT prices were unavailable as markets in Gondal, Gujarat, were shut due to heavy rainfall, Dilipbhai Ramani, a local trader said. Most of the mandis in Saurashtra and Junagadh were 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 steady at 1,420 rupees per 10 ltr in Mumbai, data from the SEA showed.

India Meteorological Department has issued a red alert for exceptionally heavy rainfall in Saurashtra and Kutch till Thursday. A red alert indicates extremely heavy rainfall of over 204.4 mm in 24 hours. The weather bureau said there is a risk of moderate flash floods over the next 24 hours. The department has advised farmers in these regions to drain excess water from field crops and horticultural crops. 

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

End

Edited by Ashish Shirke

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