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Informist, Friday, Sep 13, 2024

By Anjali Lavania

MUMBAI – Prices of mustard seed rose in benchmark markets on lower arrivals and increased demand ahead of festivals, traders said. However, groundnut prices fell due to poor quality of seeds due to heavy rains in Gujarat, they said.

MUSTARD seed prices in the benchmark market of Jaipur in Rajasthan rose by 75 rupees to 6,825-6,850 rupees per 100 kg. Arrivals were down by 35,000 to 100,000 bags (1 bag = 50 kg). Arrivals across the country were down by 40,000 bags to 225,000 bags, according to Marudhar Trading Agency.

"Improved demand ahead of Navratri is pushing up mustard prices, and it is expected to rise till early October," Mahesh Sameriya, a Rajasthan-based trader, said. Lower arrivals in the market also supported the prices, he said. 

SOYBEAN prices in the benchmark market of Indore in Madhya Pradesh were steady at 4,380-4,600 rupees per 100 kg, according to local trader Mukesh Mangal. Arrivals were down by 200 bags to 1,600 bags (1 bag = 90 kg). 

On Wednesday, the Centre approved the Madhya Pradesh government's proposal to buy soybean from farmers at the minimum support price. This was after soybean prices fell below the minimum support price in some parts of the country, especially in Madhya Pradesh. 

Farmers stored soybean in anticipation of a rise in prices, but prices fell due to cheaper soyoil imports and poor quality of seeds because of bad weather and diseases, said Narendra Porwal, a Ratlam-based farmer, said. In some parts of Madhya Pradesh, prices have fallen to a decade-low of 3,500-4,500 rupees per 100 kg. The drop in prices comes just ahead of the start of new-crop arrivals. At these prices, farmers are incurring a loss of 1,000-1,500 rupees per 100 kg, he said.

"In early September, soybean prices in Madhya Pradesh mandis averaged 4,423 rupees per 100 kg, resulting in farmer losses of over 220 mln rupees due to lower-than-MSP prices," Kedia Advisory said in a report. The minimum support price for soybean for the 2024-25 kharif marketing season (Oct-Sep) is 4,892 rupees per 100 kg. 

Most of the spot markets in the state, including Ratlam, were closed today on the occasion of Ramdev Baba Dashmi, Sandeep Sarda, another Madhya Pradesh-based trader said. 

GROUNDNUT prices in Gondal were down 100 rupees to 4,700-5,400 rupees per 100 kg, said Ashok Virvani, a local trader. Arrivals were also down by 170 bags to 12,460 bags (1 bag = 45 kg). The quality of seeds coming to market is poor because of heavy rainfall in parts of the state, Dilipbhai Ramani, a Gujarat-based trader, said. The rainfall could also delay harvesting of the new groundnut crop, Ramani said.

On the National Commodity and Derivatives Exchange:

--The September contract of crude SUNFLOWER oil was up 2.1% at 1,011 rupees per 10 kg.

--The October contract of crude SUNFLOWER oil was up 1.8% at 1,011 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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