India Edible Oil
Most steady; markets in Gujarat closed
This story was originally published at 21:18 IST on 2 September 2024
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By Anjali Lavania
MUMBAI – Prices of mustard seed and soybean were steady in the markets of Jaipur and Indore, traders said. Prices of groundnut were unavailable as markets in Gujarat were closed due to Somvati Amavasya, they added.
MUSTARD seed prices in the benchmark market of Jaipur in Rajasthan have been steady since Saturday at 6,400-6,425 rupees per 100 kg. Arrivals rose by 10,000 bags to 185,000 bags (1 bag = 50 kg). Arrivals across the country rose by 25,000 bags to 325,000 bags, according to Marudhar Trading Agency.
"After a long time, mustard reached 6,400 rupees per 100 kg. This is a positive improvement but at a slow pace," Mahesh Sameriya, a Rajasthan-based trader, said. Significant improvement in mustard will be seen during the rabi season, he said. The new crop would be sown in October. Mustard prices in Kota, Rajasthan, were unavailable as the market was closed for Somvati Amavasya, 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 steady at 4,500 rupees per 100 kg, according to Mukesh Mangal, a local trader. "Prices are expected to fall in the coming weeks as the new crop will arrive soon in mandis, and will have high moisture content," Mangal said. Most of the mandis in Madhya Pradesh were closed for Somvati Amavasya, he added.
Wholesale prices of refined soyoil were up 0.5% at 985 rupees per 10 ltr in Mumbai, according to the SEA.
GROUNDNUT prices were unavailable as markets in Gondal, Gujarat, were shut due to Sommvati Amavasya, said Dilipbhai Ramani, a local trader said. "Heavy rainfall is affecting the crops badly, especially groundnut and cotton," Ashok Virvani, a Gujarat-based trader, said. Godowns in Junagadh and Jamnagar are full of water. This has damaged stored stocks too, Virvani said. Heavy rainfall has affected the standing crop of groundnuts in fields, he said.
Wholesale prices of refined groundnut oil were steady at 1,450 rupees per 10 ltr in Mumbai, data from the SEA showed.
On the National Commodity and Derivatives Exchange:
--The September contract of crude SUNFLOWER oil ended at 938 rupees per 10 kg, down 0.7% 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 | 6,400-6,425 | -- |
Soybean | Indore | 4,500 | -- |
Groundnut | Gondal | -- | -- |
End
Edited by Avishek Dutta
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