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Informist, Friday, Nov. 22, 2024

By Anjali Lavania 

MUMBAI – Mustard and groundnut prices fell in key spot markets across the country, traders said. Prices of soybean were steady in Indore, Madhya Pradesh, they said.

MUSTARD seed prices fell by INR 25 to INR 6,625-6,650 per 100 kg in Jaipur, Rajasthan. Arrivals in Rajasthan were unchanged at 100,000 bags (1 bag = 50 kg). Across India, too, arrivals were unchanged at 200,000 bags, according to Marudhar Trading Agency.

"Mustard prices could fall further during the coming months due to sluggish rapeseed meal exports, and weak domestic demand," said Mahesh Sameriya, a trader from Rajasthan. Rapeseed meal exports declined by about 25% to 1.18 million tonnes in Apr-Oct, according to data from the Solvent Extractors' Association of India.

However, mustard seed prices in Kota, Rajasthan, were steady at INR 6,150 per 100 kg. Arrivals at the market declined by 500 bags to 3,500 bags, Sameriya said.

SOYBEAN prices in Indore were steady at INR 4,000-4,500 per 100 kg, said Sandeep Sarda, a trader from the state. Arrivals were unchanged at 2,100 bags (1 bag = 90 kg), he said. The overall trend in soybean prices appears to be bearish due to high import dependency, sluggish soymeal exports, abundant supply, and slow procurement by the government, Shailendra Soni, another trader from Madhya Pradesh, said. 

Soybean prices in Kota fell by INR 100 to INR 4,350 per 100 kg, with arrivals being unchanged at 40,000 bags, Sameriya said. 

GROUNDNUT prices in the market at Gondal in Gujarat fell by INR 200 to INR 5,000-6,600 per 100 kg, said Ashok Virvani, a trader from the state. "Groundnut prices might gain some support in the coming month as procurement by the government started some days ago," Virvani said. However, poor-quality arrivals with high moisture content is still an issue, he 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 groundnuts at the minimum support price of INR 6,783 per 100 kg. However, 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 0.4% at INR 1,304.90 per 10 kg.

End

Edited by Rajeev Pai

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