India Edible Oil
Mixed; groundnut up; mustard down on high arrivals
This story was originally published at 20:34 IST on 23 September 2024
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By Anjali Lavania
MUMBAI – Prices of mustard seed fell in the benchmark market at Jaipur, while those of soybean were steady in Indore, traders said. Groundnut prices in the market at Gondal rose, they added.
MUSTARD seed prices in Jaipur, Rajasthan fell 50 rupees to 7,000-7,025 rupees per 100 kg. Arrivals were up by 25,000 bags to 150,000 bags (1 bag = 50 kg). Across the country, arrivals rose by 55,000 bags to 325,000 bags, according to Marudhar Trading Agency.
Due to the high arrivals today in various mandis in Rajasthan after the weekend, prices went down slightly, Mahesh Sameriya, a trader from Rajasthan, said. However, he believes mustard prices should rise in the near term in view of the upcoming festivals. Sowing of mustard will start in October, Sameriya said.
According to the International Grain Council's forecast, 2024-25 world rapeseed production is projected at 87.2 mln tn, down 2% from last year due to reduced production areas and lower yields.
GROUNDNUT prices in Gondal, Gujarat, rose 500 rupees to 5,500-6,000 rupees per 100 kg, said Ashok Virvani, a local trader. Arrivals were seen to increase by 500 bags to 11,520 bags (1 bag = 45 kg). "It has not been raining for a week, hence arrivals nowadays are of good quality," Virvani said. The new groundnut crop has started arriving in mandis, he said.
SOYBEAN prices in Indore, Madhya Pradesh, were steady at 4,500 rupees per 100 kg, said Mukesh Mangal, a local trader. Arrivals were up by 500 bags to 4,000 bags (1 bag = 90 kg). However, soybean prices are seen falling in the medium term 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 0.5% at 1,155 rupees per 10 kg.
--The October contract of crude SUNFLOWER oil was up 2% at 1,170.7 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 | 7,000-7,025 | (-50) |
Soybean | Indore | 4,500 | -- |
Groundnut | Gondal | 5,500-6,000 | 500 |
End
Edited by Rajeev Pai
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