India Edible Oil
Mustard up on seasonal uptick in demand; soybean down
This story was originally published at 19:16 IST on 7 November 2024
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By Afra Abubacker
NEW DELHI – Mustard prices rose in Rajasthan as demand picked up for the oilseed with the onset of winters, traders said. Limited stock availability also supported prices. However, soybean prices fell more amid poor quality arrivals and high stocks. Soybean prices may remain under pressure till mid-November, they added.
MUSTARD prices in Jaipur were up INR 50 at INR 6,800-6,825 per 100 kg. Arrivals in Rajasthan rose from Wednesday to 125,000 bags (1 bag = 50 kg) and across India to 225,000 bags, according to Marudhar Trading Agency.
In the coming weeks, prices may improve further due to seasonal demand and limited stock availability, with farmers, Mahesh Sameriya, a local trader, said. In the long run, mustard prices will be influenced by weather conditions and government purchases. Meanwhile, mustard sowing has started all over India. Mustard is a rabi crop grown majorly in Rajasthan, Haryana, and Madhya Pradesh.
SOYBEAN prices in Indore were down INR 100 at INR 4,300-4,600 per 100 kg, Narendra Porwal, a local trader said. Higher imports, huge stocks, and moisture-laden arrivals weighed on prices, Porwal said. Prices may remain depressed till mid-November below the minimum support price of 4,892 per 100 kg.
GROUNDNUT prices in Gondal and Saurashtra in Gujarat were steady at INR 5,200-7,000 per 100 kg, Ashok Virvani, a Gujarat-based trader, said. In 2024-25, groundnut production was at a record 10.4 million tonnes, up 19.5% from last year, according to the farm ministry. Though government procurement may support prices in the short-term, weak export demand and rain-damaged arrivals are likely to weigh on prices.
COMMODITY | MARKET | PRICE (INR/100 kg) | CHANGE (in INR) |
Mustard | Jaipur | 6,800-6,825 | 50 |
Soybean | Indore | 4,300-4,600 | (-)100 |
Groundnut | Gondal | 5,200-7,000 | Unch |
End
Edited by Deepshikha Bhardwaj
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