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Informist, Thursday, Nov. 14, 2024

Anjali Lavania

MUMBAI – Prices of mustard and groundnut were steady Thursday in Jaipur, Rajasthan and Gondal, Gujarat, traders said. However, soybean prices in Indore, Madhya Pradesh fell due to huge poor-quality arrivals with high moisture content, they added.

MUSTARD seed prices in Jaipur were steady at INR 6,600-INR 6,625 per 100 kg. Arrivals in Rajasthan were unchanged at 115,000 bags (1 bag = 50 kg). Similarly, across India, arrivals were the same at 225,000 bags, according to Marudhar Trading Agency.

"The overall trend appears to be bearish in the medium term as the imports have increased significantly," said Mahesh Sameriya, a Rajasthan-based trader. 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 were stable at INR 6,000 per 100 kg, with arrivals decreasing by 1,900 bags to 2,500 bags, Sameriya added.

SOYBEAN prices in Indore markets fell by INR 100 to INR 3,900-INR 4,400 per 100 kg, said Tilok Chaged, a local trader. Arrivals were up by 500 bags at 3,000 bags (1 bag = 90 kg), he added. "Arrivals are of poor quality and have more than 10-15% moisture, which is not preferred by the government," he said. Similarly, soybean prices in Kota, Rajasthan, were down by INR 50 at INR 4,350 per 100 kg with arrivals remaining steady at 45,000 bags, Sameriya said. 

"The volume of government procurement has been insufficient to stabilise prices," Indrajit Paul, head of research at Agrocorp International, said. In Madhya Pradesh, soybean procurement reached only 0.7% of the procurement target of 1.37 million tonnes, and in Maharashtra procurement reached only 0.3% of the target of 1.31 million tonnes. Overall procurement reached 1.2% of the target of 3.2 million tonnes all over India, Paul said. "Procurement in Madhya Pradesh was 9,972 tonnes and in Maharashtra was 3,888 tonnes and all over India was 39,399 tonnes," Paul said.

GROUNDNUT prices in Gondal markets were steady at INR 5,000-INR 6,800 per 100 kg, said Ashok Virvani, a trader from Gujarat. "The trend appears to be bearish in the short-term to medium-term due to huge quantities of poor-quality groundnuts arrivals in mandis," Virvani said. In the long-term, prices may improve, he added. 

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

On the National Commodity and Derivatives Exchange:

--The November contract of crude sunflower oil was up 1.9% at INR 1,313.40 per 10 kg.

End

Edited by Tanima Banerjee

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