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Informist, Monday, Sept. 30, 2024

By Anjali Lavania

MUMBAI – Prices of mustard seeds were slightly down in Jaipur, Rajasthan, while prices of groundnut rose in Gondal, Gujarat, traders said. Soybean prices were stable in Indore, Madhya Pradesh, they added.

MUSTARD prices in Jaipur were down by INR 25 to INR 7,000-7025 per 100 kg and arrivals were up by 25,000 bags at 150,000 bags (1 bag = 50 kg), according to Marudhar Trading Agency. "Prices may remain stable this week due to cautious buying by millers during festivals like Navratri," Mahesh Sameriya, a Rajasthan-based trader said. Millers are not buying in bulk as they have already stocked up, he added.

GROUNDNUT prices were up by INR 100 from Saturday and in the range of INR 5,500-6,000 per 100 kg, Ashok Virvani, a Gujarat-based trader said. "Arrivals were of good quality today with less moisture," he said. Virvani expects groundnut prices to rise during festivals like Diwali.

SOYBEAN prices were steady in the range of INR 4,450-4,750 per 100 kg. Arrivals were at 1,500 bags (1 bag = 90 kg). "Soybean prices have gained some support after the duty increase on edible oil but are still not above the minimum support price," Mukesh Mangal, a Madhya Pradesh-based trader said. Procurement by the government starting from mid-October may support soybean prices, he said.

To check excess edible oil imports and promote domestic oilseed cultivation, the government on Sep 14 increased basic customs duty on crude varieties of palm oil, soyoil, and sunflower oil to 20% from 0%, which effectively increases the total import duty on the above-mentioned oils to 27.5% from 5.5%. The increase in import duties came after more than two years.

On the National Commodity and Derivatives Exchange:

--September contract of crude SUNFLOWER oil was up 0.8% at INR 1,190.7 per 10 kg

--October contract of crude SUNFLOWER oil was down 1% at INR 11,525.00 per 10 kg

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

End

Edited by Ashish Shirke

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