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Informist, Tuesday, Dec. 3, 2024

By Anjali Lavania

MUMBAI – Spot prices of mustard were steady while those of soybean fell on Tuesday, traders said. Groundnut prices rose in Gondal, Gujarat, they added.

MUSTARD seed prices were steady at INR 6,575-INR 6,600 per 100 kg in Jaipur, Rajasthan. Arrivals in Rajasthan were steady at 100,000 bags (1 bag = 50 kg). Similarly, arrivals across the country were 200,000 bags, the same as Monday, according to Marudhar Trading Agency.

"The mustard price trend appears to be bearish in the short-term due to excess sales by government agencies like National Agricultural Co-operative Marketing Federation of India and the Haryana State Co-operative Supply and Marketing Federation," said Mahesh Sameriya, a trader from Rajasthan.

The government has sold around 1.3 million tonnes of mustard in the market till now, which started from July last week to end of November, according to data by Marudhar Trading Agency. Last year, during the same period, government sales were around 300,000 tonnes.

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, fell by INR 50 to INR 3,850-INR 4,350 per 100 kg, Narendra Porwal, a local trader, said. Arrivals increased by 200 bags to 2,400 bags (1 bag = 90 kg), he said. "Soybean prices are settling around INR 4,350 per 100 kg, due to weak purchasing activity from plants," Shailendra Soni, another trader from Madhya Pradesh, said. Due to cheap imports of soyoil, less demand is there for domestically produced soyoil, hence plants are buying less. During the last week of October, soybean prices were around INR 4,600 per 100 kg and during the last week of November, prices were around INR 4,300 per 100 kg, Soni said. 

GROUNDNUT prices in Gondal rose by INR 200 to INR 5,200-INR 6,800 per 100 kg, Ashok Virvani, a trader from Gujarat, said. "The government is procuring but at a slower pace," Virvani said. There were good quality arrivals on Tuesday with bold kernel and G20 varieties. However, the rise in prices is limited as a huge quantity of stocks was damaged by rains. The government is procuring only varieties that have 4% or less than 4% moisture content, Virvani said.

End

Edited by Ashish Shirke

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