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Informist, Thursday, Sep 26, 2024

By Anjali Lavania

MUMBAI – Mustard seed prices rose today, while those of groundnut fell across benchmark markets, traders said. Soybean prices rose slightly in Indore, Madhya Pradesh, they said. 

MUSTARD seed prices at Jaipur in Rajasthan rose 50 rupees to 6,975-7,000 rupees per 100 kg. Arrivals were down by 15,000 bags to 135,000 bags (1 bag = 50 kg). Across the country, arrivals were down by 50,000 bags to 275,000 bags, according to Marudhar Trading Agency. 

"There were good-quality arrivals of mustard seeds with 42-44% oil content types," said Mahesh Sameriya, a trader from Rajasthan. Mustard prices in Kota, Rajasthan, were up 50 rupees to 6,300 rupees per 100 kg. Sameriya believes that mustard seed prices will rise more in the near term due to firm festival demand. 

According to the International Grain Council's forecast, the 2024-25 world rapeseed output is projected at 87.2 ml tn, down 2% from last year due to reduced production areas and lower yields.

GROUNDNUT prices at Gondal in Gujarat were down by 200 rupees at 5,300-5,800 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 was very bad this year," said Neharu Kher, managing director of Across Overseas Pvt Ltd. "Most exporters were unable to ship more than 50 containers, when they used to export 300–400 containers every year." Moreover, prices of Sudanese groundnuts are low currently. Therefore, demand from countries like Indonesia, Malaysia, the Philippines, and Thailand has shifted towards Sudanese peanuts, he said.

SOYBEAN prices in Indore in Madhya Pradesh rose by 50 rupees to 4,350-4,700 rupees per 100 kg, said Mukesh Mangal, a local trader. Arrivals were down by 300 bags to 1,200 bags (1 bag = 90 kg). Arrivals were fewer today with 20-26% moisture in the new crop, he added. If stock with high moisture content continue to arrive, which will for some days, soybean prices will be affected negatively a bit, he said. However, prices have gone up after the duty hike but not above the minimum support price of 4,892 rupees per 100 kg, he said. 

After over 2.5 years, the government raised the basic customs duty on crude soyoil, crude sunflower oil and crude palm oils to 20% from 0% with the effect from Sep 14, taking the effective duty on crude oils to 27.5% from 5.5% earlier.

On the National Commodity and Derivatives Exchange:

--The September contract of crude SUNFLOWER oil was up 0.8% at 1,184.9 rupees per 10 kg.

--The October contract of crude SUNFLOWER oil was down 0.4% at 1,179.6 rupees per 10 kg.

The following table details the prices of oilseeds in major markets, along with the changes:

End

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