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Informist, Friday, Oct. 25, 2024

By Afra Abubacker

NEW DELHI – Soybean prices rose in Madhya Pradesh as the state started purchases Friday, traders said. Firm demand ahead of Diwali supported mustard prices, while groundnut prices remained unchanged from Thursday, they added. 

MUSTARD prices in Jaipur, Rajasthan, rose INR 25 to INR 6,700-6,725 per 100 kilogram on Friday. Arrivals were steady at 140,000 bags (1 bag = 50 kg), according to Marudhar Trading Agency. Arrivals all over the country were also largely unchanged at 275,000 bags (1 bag = 50 kg). 

Mustard prices in Kota, Rajasthan, were steady at INR 5,900 per 100 kg with arrivals also remaining unchanged at 3,000 bags, Mahesh Sameriya, a Rajasthan-based trader, said. "Pre-Diwali demand for mustard seed is strong," Sameriya said. The upcoming wedding season is also seen supporting prices in the long run, he added. 

SOYBEAN prices in Indore in Madhya Pradesh were up INR 100 at 4,290-4,794 per 100 kg, Mukesh Mangal, a local trader, said. Soybean prices gained some support amid procurement by the Madhya Pradesh government starting from Friday till December, Sandeep Sarda, a trader from the state, said. The state plans to buy 1.4 million tonnes of soybean to support farmers at the minimum support price of INR 4,892 per 100 kg. 

Prices of soybean in Kota, Rajasthan, were up INR 100 to INR 4,600 per 100 kg and arrivals were down 5,000 bags at 50,000 bags (1 bag = 90 kg), Sameriya said.

GROUNDNUT prices in Gondal in Gujarat were unchanged at INR 4,600-8,000 per 100 kg, said Ashok Virvani, a Gujarat-based trader. Increased groundnut production amid higher yields is seen weighing on prices in the long run. Groundnut output in Gujarat is likely to rise nearly 26% on year to 4.2 million tonnes in 2024-25 (Jul-Jun), according to the Solvent Extractors' Association of India. Soybean productivity rose to 2,210 kg per hectare from 2,045 kg per hectare last year, SEA said. 

However, concerns of crop damage following heavy rains in several parts of Saurashtra are likely to cushion prices, it added. 

End

Edited by Manisha Baxla

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