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Informist, Friday, Nov. 29, 2024

By Anjali Lavania

MUMBAI – Prices of oilseeds were mixed in key spot markets with mustard rising and groundnut falling on Friday, traders said. Soybean prices were steady.

MUSTARD seed prices rose INR 25 to INR 6,675-INR 6,685 per 100 kg in Jaipur in Rajasthan. Arrivals in Rajasthan fell 10,000 bags to 90,000 bags (1 bag = 50 kg) and overall arrivals in the country declined 20,000 to 180,000 bags, according to Marudhar Trading Agency. 

"The current price trend for mustard seed in India shows a marginal recovery, with prices in Jaipur trading at INR 6,600 per 100 kg, up by 1.5% week-on-week and 0.8% month-on-mo­nth," Indrajit Paul, head of research of Agrocorp International, said. Reduced acreage and concerns about lower production due to unfavourable weather conditions are supporting the recent uptick in prices, he said. 

"Mustard prices appear to be flat to firm in coming weeks due to the wedding season demand," said Mahesh Sameriya, a trader from Rajasthan. It is difficult to comment on the longer-term trend as sowing is still happening in various parts of the country, he said. 

SOYBEAN prices in Indore in Madhya Pradesh were steady at INR 3,800-INR 4,300 per 100 kg, Narendra Porwal, a local trader, said. Arrivals fell 200 bags to 2,300 bags (1 bag = 90 kg), he said. "The overall trend appears to be bearish in the medium-term due to ample availability of soybeans in the country," Porwal said.

Soybean arrivals in spot markets were at 800,000 tonnes in September, up from 400,000 tonnes a year ago, the Soybean Processors Association of India said in a release Thursday. During 2023-24 (Oct-Sept), arrivals rose to 12 million tonnes from 11.6 million tonnes a year ago, the association said. 

GROUNDNUT prices in Gondal in Gujarat fell INR 100 to INR 5,050-INR 6,650 per 100 kg, Ashok Virvani, a trader from the state, said. As the crop suffered damage due to rains, arrivals are of poor quality currently, he said. According to media reports, farmers in Kurnool and Nandyal districts of Andhra Pradesh are shifting from groundnut cultivation due to unseasonal rains and falling market prices.

End

Edited by Saji George Titus

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