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Informist, Tuesday, Nov. 12, 2024

By Anjali Lavania

MUMBAI – Mustard prices fell in Jaipur, Rajasthan, on Tuesday, traders said. Prices of groundnut and soybean were steady in Gondal, Gujarat, and Indore, Madhya Pradesh, respectively, they added.

MUSTARD prices in Jaipur were down by INR 50 to INR 6,650-6,675 per 100 kilograms from Monday. Arrivals also decreased in Rajasthan by 25,000 bags to 100,000 bags (1 bag = 50 kg). Similarly, across India, arrivals decreased by 35,000 bags to 180,000 bags, according to Marudhar Trading Agency.

"Due to large imports of edible oil, mustard prices are being affected negatively," said Mahesh Sameriya, a Rajasthan-based trader. India's edible oil imports are estimated to have risen 34% on month to 1.42 million tonnes in October on the back of a rise in imports of palm oil and sunflower oil, according to estimates by GGN Research. 

"During the month of October, imports increased by 34% compared to the previous month, the reason being Diwali demand was there and refiners, importers were seeing a spike in demand," Rajesh G. Patel, managing partner at GGN Research, told Informist. Total palm oil imports in October may have surged to 842,000 tonnes from 527,000 tonnes in September and 708,000 tonnes in October last year. 

Mustard sowing is almost complete in most states, Sameriya said. Similarly, in Kota, Rajasthan, mustard prices fell by INR 150 to INR 6,050 per 100 kg, with arrivals being unchanged to 4,000 bags, Sameriya added. 

SOYBEAN prices in Indore were steady at INR 4,100-4,400 per 100 kg, said Mukesh Mangal, a local trader. Arrivals in Indore were unchanged at 2,500 bags (1 bag = 90 kg), he added. Soybean prices in Kota, Rajasthan, were down by INR 70 to INR 4,500 per 100 kg with arrivals remaining unchanged at 50,000 bags, Sameriya said. 

"Farmers are in need of money right now for sowing the next crop, hence they are selling their soybean stocks in markets," said Narendar Porwal, another trader from the state. Therefore, arrivals are high, which is putting pressure on soybean prices, he added. 

Total soyoil imports in October may fall 11% on month to 342,000 tonnes, data from GGN Research showed. Soyoil imports declined to 342,000 tonnes, down 11% from September but up 153% compared to the same month last year, according to GGN Research data. Soyoil imports were 135,000 tonnes during the same period last year, according to the data. "Soyoil arrivals at various ports got a bit delayed, leading to fewer imports," Patel said. 

GROUNDNUT prices in Gondal, Gujarat, have been steady since Friday at INR 5,100-6,900 per 100 kg, said Ashok Virvani, a Gujarat-based trader. Rain-damaged arrivals and poor export demand is also putting pressure on groundnut prices, he said. Saurashtra mandi in Gujarat was closed today on the occasion of 'Tulsi Vivah,' he 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.

On the National Commodity and Derivatives Exchange:

--The November contract of crude SUNFLOWER oil was down 2.25% at INR 1,350.40 per 10 kg.

Sunflower oil imports in October are estimated to have increased 56% on month and 55% on year to 239,000 tonnes, the GGN Research data showed. Sunflower oil imports were 154,000 tonnes during the same period last year, according to the data.

End

Edited by Deepshikha Bhardwaj

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