India Edible Oil
Mustard, groundnut prices down; soybean up in key markets
This story was originally published at 22:27 IST on 2 December 2024
Register to read our real-time news.Informist, Monday, Dec. 2, 2024
By Anjali Lavania
MUMBAI – Prices of mustard and groundnut fell in key spot markets, traders said. Soybean prices rose in Indore, Madhya Pradesh, they added.
MUSTARD seed prices fell by INR 100 to INR 6,575-INR 6,600 per 100 kg in Jaipur in Rajasthan from Friday. Arrivals in Rajasthan rose 10,000 bags to 100,000 bags (1 bag = 50 kg) and overall arrivals in the country increased 20,000 to 200,000 bags, according to Marudhar Trading Agency. Excess supply is there as stockists, farmers and the government are selling old stocks in the market, Anil Chattar, Director of Marudhar Trading Agency said.
"The overall price trend appears to be bearish in the medium-term due to weak rapeseed-mustard meal exports, sluggish demand and huge sales by the government agencies," said Mahesh Sameriya, a trader from Rajasthan.
Mustard acreage was 7.6 million hectares, down 5.2% from a year ago, according to data from the Department of Agriculture and Farmers Welfare data released on Monday.
SOYBEAN prices in Indore, Madhya Pradesh, rose by INR 100 to INR 3,900-INR 4,400 per 100 kg, Narendra Porwal, a local trader, said. Arrivals fell by 100 bags to 2,200 bags (1 bag = 90 kg), he said. "The government procurement is providing some support to oilseed prices but at a slow pace," Porwal said. However, 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.
GROUNDNUT prices in Gondal in Gujarat fell by INR 50 to INR 5,000-INR 6,600 per 100 kg, Ashok Virvani, a trader from the state, said. "Prices are falling due to low export demand, poor quality and damaged arrivals, and the shift of farmers towards more profitable crops," Virvani said.
COMMODITY | MARKET | PRICE (INR/100 kg) | CHANGE (in INR) |
Mustard | Jaipur | 6,575-6,600 | (-)100 |
Soybean | Indore | 3,900-4,400 | 100 |
Groundnut | Gondal | 5,000-6,600 | (-)50 |
End
Edited by Deepshikha Bhardwaj
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
To read more please subscribe
Share this Story:
