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Informist, Thursday, Nov. 28, 2024

By Anjali Lavania

MUMBAI – Prices of mustard rose in the key market of Jaipur, Rajasthan, on Thursday, traders said. Soybean and groundnut prices fell slightly in major benchmark markets, they said.

MUSTARD seed prices rose by INR 25 to INR 6,650-INR 6,675 per 100 kg in Jaipur. Arrivals in Rajasthan were the same at 100,000 bags (1 bag = 50 kg). Arrivals across the country were also the same at 200,000 bags, according to Marudhar Trading Agency. Similarly, mustard seed prices in Kota, Rajasthan, rose by INR 150 to INR 6,250 per 100 kg. Arrivals in the market were up 500 bags at 4,000 bags, Sameriya said.

"Although mustard prices are above the minimum support price of INR 5,950 per 100 kg, they are improving at a slower pace," said Mahesh Sameriya, a trader from Rajasthan. Mustard sowing is estimated to be lower during the current rabi season due to unfavourable weather and warmer-than-normal temperature conditions in October and November, he said.

SOYBEAN prices in Indore, Madhya Pradesh, fell by INR 100 to INR 3,800-INR 4,300 per 100 kg, Narendra Porwal, a local trader, said. Arrivals were unchanged at 2,500 bags (1 bag = 90 kg), he said. However, soybean prices in Kota rose by INR 71 to INR 4,450 per 100 kg, with arrivals decreasing by 5,000 bags to 35,000 bags, Sameriya said. 

"The volume of government procurement has been insufficient to stabilise prices," Indrajit Paul, head of research of 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 and 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, Gujarat, fell by INR 100 to INR 5,150-INR 6,750 per 100 kg, Ashok Virvani, a trader from the state, said. Lower export demand for groundnuts, and the high availability of imported oils, are affecting groundnut prices in a negative way, he said.  With the government starting procurement, groundnut prices may gain some support in the medium-term, he said. 

End

Edited by Tanima Banerjee

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