India Edible Oil
Soybean up on lower arrivals, farmers hold on to stocks
This story was originally published at 19:56 IST on 8 November 2024
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By Afra Abubacker
NEW DELHI – Mustard and soybean prices rose Friday, traders said. Rise in seasonal demand supported mustard prices and lower arrivals from farmers amid anticipation of further rise in prices pushed soybean rates higher, they added.
MUSTARD prices in Jaipur were up INR 25 at INR 6,825-6,850 per 100 kg. Arrivals were steady from Thursday in Rajasthan at 125,000 bags (1 bag = 50 kg) and across India at 225,000 bags, according to Marudhar Trading Agency.
The current trend in mustard seems to be largely steady with a positive bias due to increasing demand for the oilseed during the winter and wedding season, Mahesh Sameriya, a Rajasthan-based trader, said. "In the medium run, the positive trend may continue as there are limited stocks with the farmers and new mustard crop will be ready only around Mar-Apr," Sameriya added.
SOYBEAN prices in Indore, Madhya Pradesh, were up INR 160 at INR 4,460-4,600 per 100 kg, Mukesh Mangal, a local trader said. Arrivals in Indore fell by 550 bags to 3,000 bags (1 bag = 90 kg), he added.
"In the short-term, soybean prices may increase as farmers are holding stocks in anticipation of rise in prices in the future due to government purchases in the state," Narendra Porwal, another trader said.
GROUNDNUT prices in Gondal and Saurashtra in Gujarat were down INR 100 at INR 5,100-6,900 per 100 kg, Ashok Virvani, a Gujarat-based trader, said. Though government procurement may support prices in the short-term, weak export demand and rain-damaged arrivals are likely to weigh on prices. In 2024-25, groundnut production was at a record 10.4 million tonnes, up 19.5% from last year, according to the farm ministry.
COMMODITY | MARKET | PRICE (INR/100 kg) | CHANGE (in INR) |
Mustard | Jaipur | 6,825-6,850 | 25 |
Soybean | Indore | 4,460-4,600 | 160 |
Groundnut | Gondal | 5,100-6,900 | (-)100 |
End
Edited by Ashish Shirke
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