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Informist, Wednesday, Sep 11, 2024

By Anjali Lavania

MUMBAI – Prices of oilseeds were mixed in benchmark markets today with mustard rising and groundnut falling. Prices of mustard rose on lower arrivals, while groundnut fell due to poor quality arrivals, traders said.

MUSTARD seed prices in the benchmark market of Jaipur in Rajasthan rose by 175 rupees to 6,700-6,725 rupees per 100 kg. Arrivals were down by 15,000 bags to 135,000 bags (1 bag = 50 kg). Arrivals across the country were down by 35,000 bags to at 265,000 bags, according to Marudhar Trading Agency. 

Mustard prices rose today due to low arrivals, Mahesh Sameriya, a Rajasthan-based trader said. Though the arrivals were low, the quality was good, Sameriya said. Mustard demand is improving as millers are buying ahead of Navratri in early October, he said. Mustard prices in Kota in Rajasthan were steady at 5,900 rupees with arrivals down by 500 bags to 1,000 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 down by 100 bags to 2,500 bags (1 bag = 90 kg). "The yellow mosaic disease in some districts of Madhya Pradesh has damaged the crop," Mangal said. This disease turns soybean plants yellow and red and brown spots appear on the leaves. If not checked efficiently, the disease can lead to serious damage to crops. 

The Madhya Pradesh government announced this week that it will buy 2.7 mln tn of soybean from Oct 21 to Jan 18, said Indrajit Paul, head of research at Agrocorp International. Soybean prices in Kota were steady at 4,600 rupees per 100 kg with arrivals up by 1,000 bags to 5,000 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. 

Wholesale prices of refined soyoil were up 2.5% at 1,020 rupees per 10 ltr in Mumbai, according to SEA.

GROUNDNUT prices in Gondal in Gujarat were down 100 rupees to 4,900-5,500 rupees per 100 kg, said Ashok Virvani, a local trader. Arrivals were down by 4,320 bags to 9,840 bags (1 bag = 45 kg). "Arrivals were of poor quality with high moisture content, which buyers don't usually prefer," Virvani said. New groundnuts could arrive in various markets by early October. 

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 up 4% to 983.7 rupees per 10 kg.

--The October contract of crude SUNFLOWER oil was up 3.7% to 981 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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