India Edible Oil
All steady; heavy rains in Gujarat damage crops
This story was originally published at 21:47 IST on 4 September 2024
Register to read our real-time news.Informist, Wednesday, Sep 4, 2024
By Anjali Lavania
MUMBAI – Prices of mustard and soybean were steady in the markets of Jaipur and Indore, respectively, traders said. Groundnut prices were also steady in Gondal and Saurashtra, they added. Markets in Gujarat opened after 10 days due to heavy rainfall in the state. Rainfall has damaged most of the crops in the state, including cotton and groundnut, 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 fell by 15,000 bags to 200,000 bags (1 bag = 50 kg). Arrivals across the country fell by 50,000 bags to 350,000 bags, according to Marudhar Trading Agency.
"Arrivals were less today in various markets of Rajasthan due to heavy rainfall," Mahesh Sameriya, a Rajasthan-based trader, said. Due to cautious buying by millers, prices have been steady for the past four days, he said. However, due to bleak demand, prices might fall soon, he said. The new mustard crop will be sown from the third week of September in Rajasthan. In most of the other states, it will be sown in October. Mustard prices in Kota, Rajasthan, were steady at 5,700 rupees despite arrivals steady at 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. Currently, soybean prices are lower than the fixed minimum support price of 4,892 rupees per 100 kg. Due to the increased acreage under soybean, prices are expected to remain below the support price in the long run, said Neeraj Sahu, another local trader. Price fluctuations now depend on the new harvest that will arrive after a month and also, on the government, on how much it will procure, Sahu added.
Wholesale prices of refined soyoil were steady at 975 rupees per 10 ltr in Mumbai, according to the SEA.
GROUNDNUT prices in Gondal, Gujarat, were steady at 5,300-5,500 rupees per 100 kg, Ashok Virvani, a local trader, said. Heavy rainfall has affected the standing crop of groundnuts in fields, Virvani said. Mandis in the state opened after many days due to heavy rainfall. There were poor quality arrivals today in mandis, which had high moisture content, said Dilipbhai Ramani, another trader from the state.
Wholesale prices of refined groundnut oil were up 0.6% at 1,470 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 was steady at 936 rupees per 10 kg.
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 | 5,300-5,500 | -- |
End
Edited by Akul Nishant Akhoury
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