India Edible Oil
Mustard up; soybean down on poor quality arrivals
This story was originally published at 21:36 IST on 30 August 2024
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By Anjali Lavania
MUMBAI – Prices of mustard seed rose in the markets of Jaipur, while those of soybean fell in Indore, 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 rose 75 rupees from Thursday to 6,300-6,325 rupees per 100 kg. Arrivals were steady at 150,000 bags (1 bag = 50 kg). Similarly, arrivals across the country were unchanged at 300,000 bags, according to Marudhar Trading Agency.
"This is a short-term improvement due to festival demand," said Mahesh Sameriya, a local trader. Cautious buying by millers is supporting the prices. However, major improvement in mustard will be seen during the rabi season, he said. The new crop will be sown in October. Similarly, in Kota, Rajasthan, mustard prices rose by 50 rupees to 5,700 rupees per 100 kg with arrivals falling by 500 bags to 4,500 bags, Sameriya said.
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 Thursday to 4,500 rupees per 100 kg, according to Mukesh Mangal, a local trader. Arrivals of soybean increased by 1,000 bags to 1,300 bags (1 bag = 90 kg). "Most of the arrivals today were of poor quality and with high moisture content," Mangal said.
Wholesale prices of refined soyoil were up 1% at 980 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. "Heavy rainfall is affecting the crops badly, especially groundnut and cotton," Ashok Virvani, a Gujarat-based trader said.
Wholesale prices of refined groundnut oil were up 2.1% at 1,450 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 930.8 rupees per 10 kg, up 0.4% from the previous close.
--The September contract of crude SUNFLOWER oil ended at 942 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:
COMMODITY | MARKET | PRICE (rupees/100 kg) | CHANGE (rupees) |
Mustard | Jaipur | 6,300-6,325 | 75 |
Soybean | Indore | 4,500 | (-)100 |
Groundnut | Gondal | -- | -- |
End
Edited by Ashish Shirke
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