India Edible Oil
Most flat; groundnut down on poor quality arrivals
This story was originally published at 19:03 IST on 10 October 2024
Register to read our real-time news.Informist, Thursday, Oct. 10, 2024
By Afra Abubacker
NEW DELHI – Mustard seed prices were steady in Jaipur, Rajasthan, while those of groundnut fell in Gondal, Gujarat, traders said. Soybean prices were steady in Indore, Madhya Pradesh, they added.
MUSTARD prices in Jaipur, Rajasthan, have been unchanged at INR 6,900-6,975 per 100 kg since Monday. Arrivals were down by 30,000 bags (1 bag = 50 kg) to 120,000 bags in Rajasthan. Across India, arrivals were down by 35,000 bags to 265,000 bags, according to Marudhar Trading Agency.
"With festivals and wedding season coming, mustard prices are likely to pick up in the long run," said Mahesh Sameriya, a Rajasthan-based trader. In Kota, Rajasthan, mustard prices were unchanged at INR 6,500 per 100 kg and arrivals up 500 bags to 6,000 bags (1 bag = 50 kg), Sameriya added.
SOYBEAN prices in Indore were unchanged at INR 4,250-4,650 per 100 kg, said Mukesh Mangal, a local trader. However, soybean prices in Kota, Rajasthan, were up INR 100 at INR 4,550 per 100 kg with arrivals remaining unchanged at 50,000 bags (1 bag = 90 kilogram), Sameriya said.
"soybean prices are under pressure due to the high availability of stocks both old and new in the market," said Sandeep Sarda, another trader from the state. Sarda believes that government procurement from mid-October will support soybean prices. Short-term improvement could be seen in the coming weeks due to Diwali demand, he added.
GROUNDNUT prices in Gondal fell INR 200 to INR 5,300-8,000 per 100 kg, said Ashok Virvani, a Gujarat-based trader. "Arrivals of groundnut with high moisture content were more in the market today," Virvani said.
Virvani sees prices improving after mid-November when arrivals slowly taper down in markets. Currently, arrivals are high due to seasonality. However, Diwali demand may likely cushion prices in the coming weeks, he added.
The following table details the prices of oilseeds in major markets, along with the changes:
COMMODITY | MARKET | PRICE (INR/100 kg) | CHANGE (in INR) |
Mustard | Jaipur | 6,900-6,975 | unch |
Soybean | Indore | 4,250-4,650 | unch |
Groundnut | Gondal | 5,300-8,000 | (-)200 |
End
With inputs from Anjali Lavania
Edited by Akul Nishant Akhoury
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
