India Edible Oil
Moisture-laden arrivals weigh on soybean prices; mustard dn
This story was originally published at 20:37 IST on 6 November 2024
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By Afra Abubacker
NEW DELHI – Soybean prices fell in Indore, Madhya Pradesh, as moisture-laden arrivals dampened the demand for the oilseed. Mustard rates were also down in Jaipur, Rajasthan amid tepid demand. However, mustard prices may improve with the onset of winter, traders said.
MUSTARD prices in Jaipur were down INR 25 at INR 6,750-INR 6,775 per 100 kg. Arrivals in Rajasthan were 115,000 bags (1 bag = 50 kg) and across India at 200,000 bags, according to Marudhar Trading Agency.
"Mustard prices may rise during the start of the new year as winter demand for oil will be there and in north India. Mostly, mustard oil is used in winter," Mahesh Sameriya, a Rajasthan-based trader said.
SOYBEAN prices in Indore were down INR 200 at INR 4,400-INR 4,600 per 100 kg, Mukesh Mangal, a local trader, said. Moisture-laden arrivals were priced at INR 3,800 per 100 kg, he added. "Increased imports of palm oil are weighing on soybean prices," Narendra Porwal, a local trader, said. Further, the Madhya Pradesh government has limited its purchases to only some parts of the state amid poor quality arrivals, he added.
However, poor seasonal demand for palm oil may support soyoil prices, Porwal said. Palm oil solidifies at lower temperatures, which increases the demand for soyoil in winter.
GROUNDNUT prices in Gondal and Saurashtra, in Gujarat, were steady at INR 5,200-INR 7,000 per 100 kg, Ashok Virvani, a Gujarat-based trader, said. "Groundnut prices are expected to rise only when the government comes for procuring," Virvani said.
COMMODITY | MARKET | PRICE (INR/100 kg) | CHANGE (in INR) |
Mustard | Jaipur | 6,750-6,775 | (-)25 |
Soybean | Indore | 4,400-4,600 | (-)200 |
Groundnut | Gondal | 5,200-7,000 | Unch |
End
Edited by Tanima Banerjee
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