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Informist, Wednesday, Dec. 4, 2024

By Anjali Lavania

MUMBAI – Spot prices of mustard and groundnut rose slightly in key markets across the country, traders said. Soybean prices were steady in Indore, Madhya Pradesh, they added.

MUSTARD seed prices rose by INR 25 to INR 6,600-INR 6,625 per 100 kg in Jaipur, Rajasthan. Arrivals in Rajasthan were steady at 100,000 bags (1 bag = 50 kg). Arrivals across the country were 200,000 bags, the same as Monday, according to Marudhar Trading Agency.

"This is a short and temporary improvement. However, in the short-to-medium terms, the mustard price trend appears to be bearish due to excess supply," 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 the end of November, according to data by Marudhar Trading Agency. Last year, during the same period, government sales were around 300,000 tonnes.

Agencies like the National Agricultural Cooperative Marketing Federation of India and The Haryana State Co-operative Supply and Marketing Federation still have stocks of 1.45 million tonnes, according to Marudhar Trading Agency. Mustard available with farmers is around 950,000 tonnes and the expected stock at the end of season is 280,000 tonnes, suggesting abundant supply, Marudhar Trading Agency said.

SOYBEAN prices in Indore, Madhya Pradesh, were steady at INR 3,850-INR 4,350 per 100 kg, said Narendra Porwal, a local trader. Arrivals increased by 200 bags to 2,600 bags (1 bag = 90 kg), he said. "Huge imports of soyoil are weighing on domestic soybean prices," said Shailendra Soni, another trader from Madhya Pradesh. Oil mills are also buying less as there is less demand for domestically produced soyoil. 

Total soyoil imports in November are seen rising 19% on month to 408,000 tonnes, as per the data from GGN Research. Soyoil imports were 150,000 tonnes in November last year, according to the data.

"The (northeast) monsoon started in southern India where sunflower oil and palm oil are consumed the most. Hence, there can be a slight demand switch from palm oil to soyoil and sunflower oil as palm becomes a little hazy during this period," said Rajesh G. Patel, the managing partner of GGN Research. 

GROUNDNUT prices in Gondal rose by INR 50 to INR 5,250-INR 6,800 per 100 kg, said Ashok Virvani, a trader from Gujarat. "There were good-quality arrivals on Wednesday, including those of G20, bold kernel and 66-nabar," Virvani said. However, delayed groundnut procurement in some states of the country is not very beneficial for oilseed prices in coming weeks, Virvani said. 

The National Agricultural Cooperative Marketing Federation of India Ltd., procured 89,858.50 tonnes of groundnut, which is 4.4% of the total sanctioned quantity of 2.05 million tonnes, according to data by the central procurement agency on Tuesday. The Centre has allowed Gujarat, Karnataka, Rajasthan, Haryana, Andhra Pradesh, and Uttar Pradesh to procure groundnuts at a minimum support price of INR 6,783 per 100 kg. However, the procurement has started only in Gujarat, Rajasthan and Uttar Pradesh with minimal purchases.

End

Edited by Akul Nishant Akhoury

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