India Edible Oil
Groundnut flat; mustard up on high-quality arrivals
This story was originally published at 21:42 IST on 25 September 2024
Register to read our real-time news.Informist, Wednesday, Sep 25, 2024
By Anjali Lavania
MUMBAI – Mustard seed prices rose today, while those of groundnut were steady across benchmark markets, 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 rose 50 rupees to 6,925-6,950 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.
"There were good-quality arrivals of mustard seeds with 42-44% oil content types," Mahesh Sameriya, a trader from Rajasthan, said. Similarly, mustard prices in Kota, Rajasthan were up 350 rupees at 6,250 rupees per 100 kg. Sameriya expects mustard prices to rise further in the near term in view of the upcoming festivals.
GROUNDNUT prices in Gondal, 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 10-20% moisture-content in the new crop, which has started arriving in markets, Virvani said. Export demand is poor as the quality of new crops is not very good and old stocks of groundnuts have almost declined, he added.
SOYBEAN prices in Indore in Madhya Pradesh declined 100 rupees to 4,300-4,665 rupees per 100 kg, said Mukesh Mangal, a local trader. Arrivals were also down by 1,000 bags to 1,500 bags (1 bag = 90 kg). Arrivals were lower today because of heavy rains, Mangal said. Quality of arrivals was also affected due to the heavy rainfall, he added.
The government's move to increase the import duties on key edible oils, such as palm oil, soyoil and sunflower oil, is unlikely to impact the quantum of the import but will push up prices in the domestic markets, India Ratings and Research said in a release today. The country meets 57-60% of the domestic requirement for edible oil through imports.
Recently, crude palm oil prices have been higher than soft oils, including soyoil and sunflower oil, against the long-term trends of soft oils moving at a premium. The increase in palm oil prices would also increase the production cost of various fast-moving consumer goods products. In the coming festival season, palm oil demand is likely to sustain. Palm imports will remain high at 9.0-9.3 mln tn in the oil year 2023-24 (Nov-Oct).
On the National Commodity and Derivatives Exchange:
--The September contract of crude SUNFLOWER oil was up 1.8% at 1,172.1 rupees per 10 kg.
--The October contract of crude SUNFLOWER oil was down 1.6% at 1,172 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 | 6,925-6,950 | 50 |
Soybean | Indore | 4,300-4,665 | (-100) |
Groundnut | Gondal | 5,500-6,000 | -- |
End
Edited by Tanima Banerjee
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