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Informist, Tuesday, Oct. 22, 2024

By Taniva Singha Roy

MUMBAI – Mustard and soybean prices fell on Tuesday in key benchmark markets in the country, while groundnut prices were steady, traders said. Soybean prices fell in Indore in Madhya Pradesh due to higher moisture content, they said.

MUSTARD prices in Jaipur in Rajasthan fell by INR 25 to INR 6,500-6,525 per 100 kilograms on Tuesday. "The start of the current week opened with a slight fall in prices of mustard seeds," Mahesh Sameriya, a Rajasthan-based trader, said. It is expected to rise in the coming days due to the festival season approaching, Sameriya said. 

Sowing of mustard seeds in some parts of Rajasthan has started, Sameriya said. Prices of mustard in Kota were down by INR 50 to INR 6,000 per 100 kg, and arrivals were down by 2,000 bags (1 bag = 50 kilograms) to 3,000 bags. 

SOYBEAN prices in Indore fell by INR 100 to 4,290-4,600 per 100 kg, Mukesh Mangal, a local trader, said. Prices of soybean with a higher moisture content were at INR 3,600 per 100 kg. Arrivals were at 3,500 bags (1 bag = 90 kg). "The trend in soybean prices appear to be steady or falling in the medium-term," Sandeep Sarda, another Madhya Pradesh-based trader, said. 

However, soybean prices in Kota were steady at INR 4,500 per 100 kg and arrivals rose by 5,000 bags to 55,000 bags (1 bag = 90 kg), Sameriya said. 

GROUNDNUT prices in Gondal in Gujarat were steady in the range of INR 5,000-8,000 per 100 kg, Ashok Virvani, a Gujarat-based trader, said. "It has been raining heavily for the past 12 days and the groundnut arriving in the markets have higher moisture content," Virvani said. There are almost no arrivals in various spot markets. It rained very heavily on Tuesday and more new crops of groundnuts were damaged. "Groundnut fields are starting to fill up with water," Jatin Patel, another trader from Saurashtra, said.

Owing to scattered showers in certain districts of Gujarat, crops that were sown early have been damaged. During the past three days, several parts of Saurashtra have received heavy showers, which may further damage the crop that has been harvested and lying in the field and this is likely to delay the arrivals, according to a crop survey by the Solvent Extractors' Association of India. 

End

Edited by Saji George Titus

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