More Stories

Informist, Wednesday, Oct. 23, 2024

By Taniva Singha Roy

MUMBAI – Mustard prices rose on the benchmark market of Rajasthan Wednesday, while prices of groundnut and soybean were steady in the key markets of the country, said traders. Mustard prices rose in anticipation of firm demand ahead of the wedding season in India, they said.

MUSTARD prices in Jaipur in Rajasthan rose by INR 50 to INR 6,550-6,575 per 100 kilograms on Wednesday and arrivals were at 150,000 bags. "The overall trend is expected to remain bullish in the long run due to the upcoming wedding season," said Mahesh Sameriya, a Rajasthan-based trader said. 

Sowing of mustard seeds in some parts of Rajasthan has started, Sameriya said. Mustard arrivals across the country were 300,000 bags. 

SOYBEAN prices in Indore were steady at 4,290-4,600 per 100 kilograms, said Mukesh Mangal, a local trader. "Soybean with a higher moisture content were priced at INR 3,600 per 100 kilograms," Mangal said. Arrivals were at 3,600 bags (1 bag = 90 kilograms), up by 100 bags from the previous day. Overall, trend is steady currently for soybean prices but could fall as arrivals are in abundance, Sandeep Sarda, another trader from Madhya Pradesh, said.

Prices of soybean in Kota, Rajasthan, were steady at INR 4500 per 100 kilograms and arrivals fell by 5,000 bags to 50,000 bags (1 bag = 90 kilograms), Sameriya said. "It is expected that the government will start the procurement of soybean now only after Diwali," Sameriya said. Festival demand amid increasing arrivals has limited the losses in soybean prices, traders said.  

GROUNDNUT prices at Gondal in Gujarat were steady in the range of INR 5,000-8,000 per 100 kilograms, said Ashok Virvani, a Gujarat-based trader. "It has been raining heavily for the past 12 days and the groundnut arriving in the markets have higher moisture content," Virvani said.

For the next couple of days, the quality of groundnut will be poor due to higher moisture content, as crops have been affected amid heavy showers in Gujarat, traders said. Some fields are filled knee-length with water, which is why good quality arrivals are out of the picture for the next few days, Virvani said. 

End

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 (22) 6985-4000 

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2024. All rights reserved.