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Informist, Monday, Oct. 28, 2024

By Afra Abubacker

NEW DELHI – Mustard rates fell in Kota, Rajasthan, as higher arrivals and limited buying weighed on prices, traders said. Soybean prices rose in Madhya Pradesh amid ongoing state purchases of the oilseed. However, increased arrivals and moisture-laden stocks are likely to cap soybean price gains, they added. 

MUSTARD prices in Jaipur, Rajasthan, were slightly down by INR 75 at INR 6,575 per 100 kg from Saturday. Arrivals in the state rose by 15,000 bags (1 bag = 50 kilograms) to 140,000 bags, according to Marudhar Trading Agency.

"Prices fell as arrivals were higher today. And most of the millers have completed their bulk purchases," Mahesh Sameriya, a Rajasthan-based trader, said. However, the overall trend is likely to be steady this week, Sameriya said. Mustard prices in Kota were steady at INR 6,000 per 100 kg, with arrivals unchanged at 3,000 bags, Sameriya said.

SOYBEAN prices in Indore, Madhya Pradesh, were up INR 100 at INR 4,390-4,794 per 100 kg, Sandeep Sarda, a local trader, said. Some moisture-laden soybean were in the range of INR 3,600-4,600 per 100 kg, Mukesh Mangal, a local trader, said.

In Neemuch, Madhya Pradesh, soybean prices were up INR 50 at INR 4,500-4,600 per 100 kg, Narendra Porwal, a local trader said. Most of the mandis in Madhya Pradesh will remain closed from Tuesday on account of Diwali, he added.

Though state purchases of soybean are supporting the prices, increased arrivals and moisture-laden quality stocks are capping the price gains. Moreover, soybean procurement is only ongoing in a few parts of the state, Mangal said. But, soybean prices are expected to improve in the long run, Mangal added.

To support prices, the Madhya Pradesh government has started soybean procurement from Friday and is likely to continue till December. 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. Soybean prices in Kota were up INR 70 at INR 4,670 per 100 kg with arrivals increasing by 5,000 bags to 55,000 bags (1 bag = 90 kg), Sameriya said.

GROUNDNUT prices in Gondal, Gujarat, were unchanged at INR 4,600-8,000 per 100 kg, local trader Ashok Virvani, said. Moisture-laden arrivals were priced at INR 4,300-5,800 per 100 kg, he added. Groundnut prices are expected to increase in mid-November, as moisture-laden arrivals may decrease around that time and export demand may improve, Jatin Patel, another trader from the state, said.

End

Edited by Manisha Baxla

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