India Edible Oil
Mustard up on firm demand; soybean, groundnut flat
This story was originally published at 22:53 IST on 19 September 2024
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By Anjali Lavania
MUMBAI – Prices of mustard seed rose in the benchmark market of Jaipur, Rajasthan, while those of groundnut and soybean were steady in Gondal, Gujarat, and Indore, Madhya Pradesh, respectively, traders said.
MUSTARD seed prices in Jaipur rose by 200 rupees to 7,100-7,125 rupees per 100 kg. Arrivals rose by 25,000 bags to 125,000 bags (1 bag = 50 kg). Arrivals across the country rose by 55,000 bags to 275,000 bags (1 bag = 50 kg), according to Marudhar Trading Agency.
Mustard prices rose in anticipation of festival demand and may stay at these levels for some days, Mahesh Sameriya, a trader from Rajasthan, said. "Mustard prices could gain support due to the increasing demand during the festival season till Diwali," Sameriya said.
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 were steady at 4,500-5,600 rupees per 100 kg, said Ashok Virvani, a local trader. Groundnut prices may remain low in the days to come owing to low export demand for Indian groundnut, which has high moisture content, Virvani said.
SOYBEAN prices in Indore were steady in the range of 4,600 rupees per 100 kg, said Mukesh Mangal, a local trader. Arrivals were at 2,500 bags (1 bag = 50 kg) with 1,200 bags of the new crop, he said. Prices could fall further owing to the high moisture content in the new crop, he said.
On the National Commodity and Derivatives Exchange:
--The September contract of crude SUNFLOWER oil was up 1.4% at 1,125 rupees per 10 kg.
--The October contract of crude SUNFLOWER oil was up 1.1% at 1,125 rupees per 10 kg.
The following table details the prices of oilseeds in major markets, along with the changes:
COMMODITY | MARKET | PRICE (rupees/100 kg) | CHANGE (rupees) |
Mustard | Jaipur | 7,100-7,125 | 200 |
Soybean | Indore | 4,600 | -- |
Groundnut | Gondal | 4,500-5,600 | -- |
End
Edited by Rajeev Pai
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