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Informist, Monday, Sep 9, 2024

By Anjali Lavania

MUMBAI – Mustard prices rose in key markets on lower arrivals, while soybean prices were mixed, traders said. Groundnut prices were unavailable as most markets in Gujarat were shut for the Rishi Panchami festival, they said.

MUSTARD seed prices in the benchmark market of Jaipur in Rajasthan rose by 50 rupees to 6,500-6,525 rupees per 100 kg. Arrivals fell by 20,000 bags to 150,000 bags (1 bag = 50 kg). Similarly, arrivals across the country fell by 25,000 bags to 300,000 bags, according to Marudhar Trading Agency. 

"Due to heavy rainfall today, fewer arrivals were there, which led to a slight rise in prices," Mahesh Sameriya, a Jaipur-based trader 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 in Rajasthan rose by 100 rupees to 5,900 rupees with arrivals down by 500 bags to 1,000 bags, Sameriya said.

SOYBEAN prices in Indore in Madhya Pradesh fell by 70 rupees and were in the range of 4,330-4,550 rupees per 100 kg, according to Mukesh Mangal, a local trader. "The new crop of soybean has started arriving in some of the markets of Madhya Pradesh, but they have high moisture content which buyers usually don't prefer," said Mangal. 

However, soybean prices in Kota in Rajasthan were up by 50 rupees at 4,550 rupees per 100 kg with arrivals down by 1,000 bags at 5,000 bags, Sameriya said.

The government will start buying soybean at the minimum support price in the next couple of weeks as market rates have fallen below the support price, according to media reports. The Centre has approved a total procurement of 1.56 mln tn of soybean, including 1.3 mln tn from Maharashtra, the reports said. 

The National Agricultural Cooperative Marketing Federation and the National Cooperative Consumers' Federation of India will procure the oilseed from farmers under the price support scheme. The minimum support price for soybean for the 2024-25 kharif marketing season (Oct-Sep) is 4,892 rupees per 100 kg.

GROUNDNUT prices in Gondal in Gujarat were unavailable as the market was shut for Rishi Panchami, said Vivek Patel, a local trader. Markets in Junagadh and Saurashtra in the state were also closed for Rishi Panchami, Patel said. The standing crop of groundnut in the state has been affected due to heavy rainfall, Ashok Virvani, another local trader said. 

At 1648 IST, on the National Commodity and Derivatives Exchange:

--The September contract of crude SUNFLOWER oil was down 0.3% to 943 rupees per 10 kg.

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

End

Edited by Saji George Titus

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