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Informist, Friday, Sep 27, 2024

By Anjali Lavania

MUMBAI – Prices of mustard seed 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 7,025-7,050 rupees per 100 kg. Arrivals rose by 5,000 bags to 140,000 bags (1 bag = 50 kg). Across the country, arrivals were up by 15,000 bags to 295,000 bags, according to Marudhar Trading Agency. 

"Mustard seeds prices are improving gradually due to strong festival demand," said Mahesh Sameriya, a trader from Rajasthan. Mustard prices in Kota, Rajasthan, were steady at 6,300 rupees per 100 kg.

GROUNDNUT prices at Gondal in Gujarat were down by 100 to 5,200-5,700 rupees per 100 kg, said Ashok Virvani, a local trader. It has been raining heavily for the past two days, hence arrivals were fewer today, he said. The quality of arrivals was affected as there was heavy rainfall today, he said. 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. The India Meteorological Department has forecast isolated extremely heavy rainfall over Gujarat, mainly in Saurashtra and Kutch, for today.

SOYBEAN prices in Indore in Madhya Pradesh rose by 25 rupees to 4,375-4,725 rupees per 100 kg, said Mukesh Mangal, a local trader. Arrivals were down by 100 bags to 1,100 bags (1 bag = 90 kg). Soybean prices have gone up after the duty hike but not above the minimum support price of 4,892 rupees per 100 kg, he said. The Centre will start procuring soybean from mid-October, which could support prices in the long-run, 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 1% at 1,191 rupees per 10 kg.

--The October contract of crude SUNFLOWER oil was down 0.8% at 1,166 rupees per 10 kg.

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

End

Edited by Vidhi Verma

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