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Informist, Wednesday, Sep 18, 2024

By Anjali Lavania

MUMBAI – Prices of mustard seeds rose in the benchmark market in Jaipur, Rajasthan, while those of groundnut were down in Gondal, Gujarat, traders said. Soybean prices were unavailable as the benchmark market of Indore, Madhya Pradesh was shut today, they added. 

MUSTARD seed prices in the benchmark market of Jaipur in Rajasthan rose by 75 rupees to 6,900-6,925 rupees per 100 kg. Arrivals fell by 15,000 bags to 100,000 bags (1 bag = 50 kg). Arrivals across the country fell by 35,000 bags to 215,000 bags (1 bag = 50 kg), according to Marudhar Trading Agency. 

Mustard prices in Kota, Rajasthan, were steady at 6,200 rupees per 100 kg with arrivals down by 1,000 bags to 4,000 bags, Mahesh Sameriya, a Rajasthan-based trader, said. "Mustard prices could gain support due to the increasing demand during the festival season till Diwali," Sameriya said.

"The industry expects edible oil prices to rise by 10–12 rupees per kg after Oct 15 or after Diwali depending on the domestic supply and demand situation and global edible oil prices," said Indrajit Paul, head of research at Agrocorp International.

To promote domestic oilseed cultivation, the government on Friday sharply raised the basic import duty on crude and refined edible oils to 20% and 32.5% from nil and 12.5%, respectively.

GROUNDNUT prices in Gondal in Gujarat were down by 100 rupees at 4,500-5,600 rupees per 100 kg, said Ashok Virvani, a local trader. "New arrivals of groundnut have started coming to some of the markets of Gujarat, but they have high moisture content which is not preferred by buyers," Virvani said.

Also, export demand for Indian groundnut is also low in the global market, which is also weighing on groundnut prices. "Most exporters were unable to ship more than 50 containers when they used to export 300–400 containers every year," said Neharu Kher, managing director of Across Overseas Pvt Ltd. Moreover, prices of Sudanese groundnuts are low currently. Therefore, demand from countries like Indonesia, Malaysia, the Philippines, and Thailand has shifted towards Sudanese peanuts, he added. 

SOYBEAN prices in the benchmark market of Indore in Madhya Pradesh were unavailable today as the market was closed on the occasion of Ganpati Visarjan, Devinder Goyal, an Indore-based trader said.

On the National Commodity and Derivatives Exchange:

--The September contract of crude SUNFLOWER oil was up 2.4% at 1,110 rupees per 10 kg.

--The October contract of crude SUNFLOWER oil was up 1.7% at 1,115 rupees per 10 kg.

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

End

Edited by Deepshikha Bhardwaj

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