More Stories

Informist, Thursday, Sep 5, 2024

By Anjali Lavania

MUMBAI – Prices of mustard were steady in Jaipur while those of soybean fell in Indore, traders said. Groundnut prices fell in Gondal, 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 185,000 bags (1 bag = 50 kg). Arrivals across the country were steady at 350,000 bags, according to Marudhar Trading Agency. 

Arrivals of mustard seed across the country in August are estimated at 600,000 tn, according to a report by Jaipur-based Marudhar Trading Agency. Mills across India crushed around 1.0 mln tn of mustard seed in August, the report showed. The total stock across the country at the end of August is estimated at 5.55 mln tn, including stocks of around 2.3 mln tn with farmers. Inventories with stockists and processors are seen at 700,000 tn and those with agencies like National Agricultural Cooperative Marketing Federation of India Ltd were at 2.55 mln tn, as per the report.

"Currently, mustard prices are in the range of 6,400-6,425 rupees per 100 kg, but it is unlikely to rise above these levels, and remain range bound, until the upcoming 2024-25 rabi season," a Jaipur-based trader from the agency said. The new mustard crop will be sown from the third week of September in Rajasthan. In most other states, it will be sown in October. Mustard prices in Kota, Rajasthan, rose by 100 rupees to 5,800 rupees with arrivals steady at 1,500 bags, said Mahesh Sameriya, another Rajasthan-based trader. 

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, fell by 50 rupees and were in the range of 4,450-4,600 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. "The declining prices of the commodity just ahead of harvest is worrying the farmers," said Neeraj Sahu, another local trader. This continuous fall in mandi prices is due to the import of huge quantities of soyoil, Sahu said. Imports of crude soyoil were up 14.5% at 391,791 tn. Soybean prices in Kota, Rajasthan were down by 50 rupees at 4,450 rupees per 100 kg with arrivals at 7,000 bags, Sameriya said. 

Wholesale prices of refined soyoil were up 1% at 985 rupees per 10 ltr in Mumbai, according to the SEA.

GROUNDNUT prices in Gondal, Gujarat, were down by 200 rupees at 5,100 rupees per 100 kg, said Ashok Virvani, a local trader. Arrivals fell by 1,920 bags to 4,800 bags (1 bag = 45 kg). Heavy rainfall has affected the standing crop of groundnuts, Virvani said. Mandis in the state opened after many days due to heavy rainfall. There were poor quality arrivals today in mandis, with high moisture content, said Dilipbhai Ramani, another trader from the state. Godowns in Jamnagar are full of water, hence, the quality of stored stocks has also been affected, Ramani said.

Wholesale prices of refined groundnut oil were steady 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 up 0.6% at 942 rupees per 10 kg.

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

End

Edited by Akul Nishant Akhoury

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000 

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2024. All rights reserved.