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Informist, Friday, Oct. 4, 2024

By Anjali Lavania

MUMBAI – Edible oil seed markets were mixed in benchmark markets with mustard seed prices rising slightly on firm demand ahead of festivals and soybean declining on higher arrivals, traders said. Groundnut prices were steady, they said.

MUSTARD prices rose in Jaipur in Rajasthan by INR 25 on Friday to INR 7,025-INR 7,050 per 100 kilograms. Arrivals rose by 40,000 bags to 165,000 bags in Rajasthan. All over the country, arrivals increased by 100,000 bags to 325,000 bags, according to Marudhar Trading Agency. "The overall trend since last week has been bullish for mustard seeds due to the strong demand ahead of Diwali," Mahesh Sameriya, a Rajasthan-based trader said. Sameriya expects the trend to continue in the near-term.

However, mustard prices in Kota in Rajasthan declined by INR 50 from Tuesday to INR 6,450 per 100 kg. The arrivals in the market were down by 500 bags to 5,500 bags (1 bag = 50 kg), Sameriya said.

SOYBEAN prices in Indore in Madhya Pradesh declined by INR 100 from Tuesday to INR 4,300-INR 4,600 per 100 kg, Mukesh Mangal, a local trader said. Prices of new soybean kharif arrivals with moisture content of 10%-20% were in the range INR 3,800-INR 4,400 rupees per 100 kg, Mangal said.

"Prices improved after the increase in edible oil duty, but they are still not above the minimum support price," Mangal said. Government procurement of soybeans from mid-October may support prices in the long run, he said. Prices were down on Friday as arrivals increased by 3,000 bags to 4,500 bags (1 bag = 90 kg), Mangal said, adding that prices are likely to firm up before Diwali.

Soybean prices in Kota were steady at INR 4,600 per 100 kg with arrivals increasing by 8,000 bags to 20,000 bags from Tuesday, Sameriya said. Markets in Kota and Indore were closed on Wednesday and Thursday for Gandhi Jayanti and Navratri, respectively.

GROUNDNUT prices were steady in Gondal in Gujarat in the range of INR 5,500-INR 8,000 per 100 kg, Ashok Virvani, a Gujarat-based trader said. "Increasing arrivals of the new crop after the harvest with high moisture content is affecting the groundnut prices," Virvani said. He believes that groundnut prices may increase after mid-November, when arrivals will gradually fall.  End

Written by J. Navya Sruthi

Edited by Saji George Titus

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