India Edible Oil
Mustard, soybean down; groundnut up in key markets
This story was originally published at 06:00 IST on 21 September 2024
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By Anjali Lavania
MUMBAI – Prices of mustard seed and soybean fell in the benchmark market of Jaipur, Rajasthan, and Indore, Madhya Pradesh, respectively, traders said. Those of groundnut rose in Indore and Gondal, Gujarat, traders said.
MUSTARD seed prices in Jaipur fell 50 rupees to 7,050-7,075 rupees per 100 kg. Arrivals were steady at 125,000 bags (1 bag = 50 kg). Across the country, arrivals fell 5,000 bags to 270,000 bags (1 bag = 50 kg), according to Marudhar Trading Agency.
There are fewer quality arrivals, hence prices fell, Mahesh Sameriya, a trader from Rajasthan, said. However, mustard prices will rise ahead of the festival demand till Diwali, he said. Sowing of mustard will start in October, Sameriya said.
To promote domestic oilseed cultivation, the government last week 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 rose 500 rupees to 5,000-5,600 rupees per 100 kg, said Ashok Virvani, a local trader. "This gain in groundnut prices is for the short-term. Post Diwali, prices may become steady again or fall due to huge number of arrivals," he added.
SOYBEAN prices in Indore fell 100 rupees to 4,500 rupees per 100 kg, said Mukesh Mangal, a local trader. Arrivals were steady at 3,500 bags (1 bag = 90 kg). Prices are falling due to 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 1.9% at 1,150 rupees per 10 kg.
--The October contract of crude SUNFLOWER oil was up 2% at 1,154.9 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 | 7,050-7,075 | (-50) |
Soybean | Indore | 4,500 | (-100) |
Groundnut | Gondal | 5,000-5,600 | 500 |
End
Edited by Manisha Baxla
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