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Informist, Tuesday, Sep 10, 2024

By Anjali Lavania

MUMBAI – Prices of mustard seed rose, while soybeans were steady in key spot markets in the country today, traders said. Groundnut prices declined in Gondal in Gujarat due to poor quality arrivals, they said.

MUSTARD seed prices in the benchmark market of Jaipur in Rajasthan rose by 25 rupees to 6,525-6,550 rupees per 100 kg. Arrivals were unchanged from the previous day at 150,000 bags (1 bag = 50 kg). Arrivals across the country were also steady at 300,000 bags, according to Marudhar Trading Agency. 

Mustard prices have improved, but at a slow pace, due to demand from oil millers, Mahesh Sameriya, a Rajasthan-based trader said. However, the prices may not rise beyond 6,550 rupees per 100 kg and may remain steady for a few days, he said. Mustard prices in Kota in Rajasthan were steady at 5,900 rupees with arrivals up by 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 in Madhya Pradesh were steady at 4,330-4,550 rupees per 100 kg, according to Mukesh Mangal, a local trader. Arrivals were up by 900 bags to 2,600 bags (1 bag = 90 kg). "In some places of Madhya Pradesh, including Neemuch, Dhar and Dewas, standing crops of soybean have suffered from yellow mosaic disease apart from heavy rains," Mangal said. This is a new challenge now for farmers, he added. Soybean prices in Kota in Rajasthan were higher by 50 rupees at 4,600 rupees per 100 kg with arrivals down by 1,000 bags at 4,000 bags, Sameriya said.

The government will start buying soybeans 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.

Wholesale prices of refined soyoil were steady at 990 rupees per 10 ltr in Mumbai, according to SEA.

GROUNDNUT prices in Gondal declined 200 rupees to 5,000 rupees per 100 kg, said Ashok Virvani, a local trader. Arrivals were up by 8,070 bags to 14,070 bags (1 bag = 45 kg). "Due to the huge quantity and poor quality of arrivals today, prices were down," Vivek Patel, another local trader said. As it stopped raining, arrivals were in huge quantities today, he said. New groundnuts could arrive in various markets by early October. Most of the markets in the state were closed on Monday for Rishi Panchami, he said.  

Wholesale prices of refined groundnut oil were steady at 1,470 rupees per 10 ltr in Mumbai, data from SEA showed.

On the National Commodity and Derivatives Exchange:

--The September contract of crude SUNFLOWER oil was down 0.1% to 946 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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