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Informist, Tuesday, Oct. 8, 2024

By Afra Abubacker

NEW DELHI – Soybean and mustard seed prices fell in Indore, Madhya Pradesh, and Jaipur, Rajasthan, respectively, traders said. Groundnut prices remained steady in Gondal, Gujarat, they added. 

MUSTARD prices fell INR 75 rupees to INR 6,900-6,975 per 100 kg from Monday. Arrivals were unchanged at 170,000 bags (1 bag = 50 kg) in Rajasthan. Across the country, arrivals were unchanged at 350,000 bags, according to Marudhar Trading Agency.

"This is a temporary price fall," Mahesh Sameriya, a Rajasthan-based trader said. He believes mustard seed prices will increase in the medium term ahead of strong Diwali demand. In Kota, Rajasthan, mustard prices were up by 100 rupees at INR 6,500 per 100 kg from Monday with arrivals up by 2,000 bags to 6,000 bags (1 bag = 50 kg), Sameriya said.

SOYBEAN prices in Indore, Madhya Pradesh, were down INR 50 to INR 4,250-4,650 per 100 kg, Mukesh Mangal, a local trader said. Arrivals with high moisture content were priced at INR 3,800-4,400 per 100 kg. Arrivals were down by 500 bags to 4,000 bags (1 bag = 90 kg), Mangal said.

Similarly, soybean prices in Kota, Rajasthan, were down INR 50 to INR 4,500 per 100 kg with arrivals increasing by 5,000 bags to 45,000 bags from Monday, Sameriya said.

"As DDGS (dried distillers grains with soluble) is replacing soymeal gradually, soybean prices are affected negatively," Mangal said. However, he believes that the government's soybean procurement from next week may support prices. 

GROUNDNUT prices were steady in Gondal, Gujarat, and in the range of INR 5,500-8,000 per 100 kg, Jatin Patel, a Gujarat-based trader said. "Arrivals with a high moisture content of 10-20% will continue to come in various mandis of Gujarat till mid-November," Patel said. Traders see low-quality arrivals depressing groundnut prices in the short-term. 

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

End

With inputs from Anjali Lavania

Edited by Deepshikha Bhardwaj

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