India Edible Oil
Most down; soybean falls on low-quality arrivals
This story was originally published at 20:26 IST on 24 September 2024
Register to read our real-time news.Informist, Tuesday, Sep 24, 2024
By Anjali Lavania
MUMBAI – Mustard seed and soybean prices fell, while groundnut prices were steady in the benchmark markets in the country, traders said. Soybean prices fell mainly on account of lower quality seeds because of higher moisture content, they said.
MUSTARD seed prices in Jaipur in Rajasthan fell 125 rupees to 6,875-6,900 rupees per 100 kg. Arrivals were unchanged at 150,000 bags (1 bag = 50 kg). Across the country, arrivals were unchanged at 325,000 bags, according to Marudhar Trading Agency.
"Oil millers are buying as per requirement as they have stocked up the mustard seeds," Mahesh Sameriya, a trader from Rajasthan, said. However, mustard prices at Kota in Rajasthan were up 100 rupees to 5,900 rupees per 100 kg.
Mustard seeds with moisture level of 20-25% were priced sharply lower at 3,200-3,600 rupees per 100 kg in Kota, Sameriya said. Sameriya expects mustard prices to rise in the near term in view of the upcoming festivals. Sowing of mustard will start in October, Sameriya said.
GROUNDNUT prices at Gondal in Gujarat were steady at 5,500-6,000 rupees per 100 kg, said Ashok Virvani, a local trader. Groundnut prices may fall in the near-term due to 15-20% moisture-content in the new crop, which has started arriving in markets, Jatin Patel, another trader from the state said.
SOYBEAN prices in Indore in Madhya Pradesh declined 100 rupees to 4,400-4,665 rupees per 100 kg, said Mukesh Mangal, a local trader. Arrivals were also down today by 1,500 bags to 2,500 bags (1 bag = 90 kg). Arrivals were lower today because of heavy rains, he said. Quality of arrivals was also affected due to the heavy rainfall, he added.
On the National Commodity and Derivatives Exchange:
--The September contract of crude SUNFLOWER oil was up 0.1% at 1,160 rupees per 10 kg.
--The October contract of crude SUNFLOWER oil was down 0.3% at 1,159 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 | 6,875-6,900 | (-125) |
Soybean | Indore | 4,400-4,665 | (-100) |
Groundnut | Gondal | 5,500-6,000 | -- |
End
Edited by Saji George Titus
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