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Informist, Tuesday, Sep 3, 2024

By Anjali Lavania

MUMBAI – Prices of mustard seed and soybean were steady in the markets of Jaipur and Indore, traders said. Groundnut prices were unavailable as there were no arrivals today in key markets of Gujarat, 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 15,000 bags to 200,000 bags (1 bag = 50 kg). Arrivals across the country rose by 75,000 bags to 400,000 bags, according to Marudhar Trading Agency.

"Mustard prices have been steady since Saturday due to sluggish demand by oil millers," Mahesh Sameriya, a Rajasthan-based trader, said. They are buying as per requirement and avoiding bulk buying, he said. The new mustard crop will be sown in October. Mustard prices in Kota, Rajasthan, were steady at 5,700 rupees despite arrivals falling by 3,500 bags to 1,500 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 steady at 4,500 rupees per 100 kg, according to Mukesh Mangal, a local trader. "New crops will soon arrive in the mandis from October," Mangal said. However, due to large imports of soyoil, domestic prices of soybean are affected negatively, he said. Imports of crude soyoil were up 14.5% at 391,791 tn in July, as per association data. Market participants expect prices to recover properly after mid-November, Mangal added.

Wholesale prices of refined soyoil were down 1% at 975 rupees per 10 ltr in Mumbai, according to the SEA.

GROUNDNUT prices were unavailable as there were no arrivals in Gondal, Gujarat, said Ashok Virvani, a Gujarat-based trader. Mandis across the state opened after many days, but there were no arrivals in major mandis like Junagadh, and Saurashtra due to heavy rainfall, Dilipbhai Ramani, another trader from the state 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, Virvani said. 

Wholesale prices of refined groundnut oil were up 0.6% at 1,460 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 937.9 rupees per 10 kg, down 0.4% from the previous close.

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

End

Edited by Deepshikha Bhardwaj

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