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Informist, Thursday, Nov. 21, 2024

By Anjali Lavania

MUMBAI – Oilseed prices were mixed with mustard falling and soybean rising in key spot markets in the country on Thursday, traders said. Prices of groundnuts were steady, they said.

MUSTARD seed prices fell by INR 25 to INR 6,650-INR 6,675 per 100 kg in Jaipur in Rajasthan. Arrivals in Rajasthan fell by 15,000 bags to 100,000 bags (1 bag = 50 kg). Across India, arrivals declined by 25,000 bags to 200,000 bags, according to Marudhar Trading Agency. 

"Due to abundant global supply of soymeal and rapeseed meal, export demand is very sluggish," said Mahesh Sameriya, a Rajasthan-based trader. Rapeseed meal exports have declined by about 25% to 1.18 million tonnes in Apr-Oct, according to data from the Solvent Extractors' Association of India. The association has urged the government to take steps to boost exports of rapeseed meal from India by providing higher subsidies.

Mustard prices, however, rose in Kota in Rajasthan by INR 150 to INR 6,150 per 100 kg. The arrivals in the market were steady at 4,000 bags, Sameriya said.

SOYBEAN prices in Indore in Madhya Pradesh rose by INR 100 to INR 4,000-INR 4,500 per 100 kg, said Sandeep Sarda, a Madhya Pradesh-based trader. Arrivals were down by 200 bags to 2,100 bags (1 bag = 90 kg), he said.

The government has recently revised the moisture content allowance to 15% from 10%, which is supporting prices, Shailendra Soni, another trader from the state said. The prices are, however, still below the minimum support price of INR 4,892 per 100 kg, he said.

The government has a target to purchase 3.2 million tonnes of soybean this year, but only 39,398 tonnes have been procured so far, Sameriya said. 

Soybean prices in Kota rose by INR 50 to INR 4,450 per 100 kg, with arrivals falling by 5,000 bags to 40,000 bags, Sameriya said. 

GROUNDNUT prices in Gondal market in Gujarat were steady at INR 5,200-INR 6,800 per 100 kg, said Ashok Virvani, a trader from Gujarat. "Prices are rising but at a very slow pace, which does not indicate a good sign for market participants," he said. Abundant stocks of groundnut with high moisture content, delayed procurement by the government and sluggish export demand may keep prices down in the coming months, Virvani added. 

The National Agricultural Cooperative Marketing Federation of India Ltd. has procured 6,817 tonnes of groundnuts, which is 0.4% of the total sanctioned quantity of 1.75 million tonnes. The Centre has allowed Gujarat, Karnataka, Rajasthan, Haryana, Andhra Pradesh, and Uttar Pradesh to procure groundnut at the minimum support price of INR 6,783 per 100 kg. However, the procurement has started only in Gujarat and Rajasthan with minimal purchases.

On the National Commodity and Derivatives Exchange:

--The December contract of crude sunflower oil was down 2.3% at INR 1,349.50 per 10 kg.

End

Edited by Saji George Titus

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