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Informist, Wednesday, Nov. 13, 2024

By Anjali Lavania

MUMBAI – Prices of all oilseeds fell Wednesday in various benchmark markets across the country, traders said. Huge arrivals of poor-quality oilseeds with high moisture content in markets across the country are weighing on prices, they added.

MUSTARD seed prices in Jaipur were down by INR 50 from Tuesday at INR 6,600-6,625 per 100 kg. Arrivals also increased in Rajasthan by 15,000 bags to 115,000 bags (1 bag = 50 kg). Similarly, across India, arrivals increased by 45,000 bags to 225,000 bags, according to Marudhar Trading Agency.

"Due to the large number of arrivals, mustard prices fell slightly," said Mahesh Sameriya, a Rajasthan-based trader. Moreover, the increase in edible oil imports in October due to festival season demand is now weighing on prices of most oilseeds, including mustard seed, he said.

Edible oil imports in October rose 43% on year to 1.42 million tonnes, according to the Solvent Extractors' Association of India's data released Wednesday. Similarly, in Kota, Rajasthan, mustard prices fell by INR 50 to INR 6,000 per 100 kg, with arrivals increasing by 400 bags to 4,400 bags, Sameriya added.

SOYBEAN prices in Indore, Madhya Pradesh, fell by INR 100 to INR 4,000-4,300 per 100 kg, said Tilok Chaged, a local trader. Arrivals in Indore were unchanged at 2,500 bags (1 bag = 90 kg), he added. Similarly, soybean prices in Kota, Rajasthan, were down by INR 100 to INR 4,400 per 100 kg with arrivals also decreasing by 5,000 bags to 45,000 bags, Sameriya said. 

"Poor-quality soybean with high moisture content and an increase in imports of soyoil in October are putting pressure on oilseed prices," said Narendar Porwal, another trader from the state. Imports of crude soyoil in October were up 152.6% on year at 341,818 tonnes, the association said.

GROUNDNUT prices in Gondal, Gujarat, fell by INR 100 to INR 5,000-6,800 per 100 kg, said Ashok Virvani, a trader from Gujarat. Rain-damaged arrivals and poor export demand are putting pressure on groundnut prices, he said. "Currently, huge quantities of poor-quality groundnuts with high moisture content are coming into the mandis," Virvani said. 

With a normal monsoon, India, in the current kharif season, harvested nearly 12.5 million tonnes of soybeans and 9.5 million tonnes of groundnut and is expected to harvest 12.5-13.0 million tonnes of rapeseed-mustard in the rabi season, the association said. "Overall, oilseeds production during 2024-25 may go up by 3.5 million tonnes. The bumper crop is likely to augment the domestic availability and help to reduce the import demand by a million tonnes in 2024-25," the association said. 

On the National Commodity and Derivatives Exchange:

--The November contract of crude SUNFLOWER oil was up 1.2% at INR 1,323.30 per 10 kg.

--The December contract of crude SUNFLOWER oil was down 1.7% at INR 1,363 per 10 kg.

SUNFLOWER OIL imports in October rose to 239,116 tonnes from 153,780 tonnes a year ago, the association said. During the oil year 2023-24 (Nov-Oct), India imported sunflower oil from Russia, Romania, Ukraine, and Argentina, the association said.

End

Edited by Rajeev Pai

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