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Informist, Friday, Dec. 6, 2024

By Anjali Lavania

MUMBAI – Spot prices of mustard fell in key markets across the country, traders said. Soybean prices and groundnut rose in Indore and Gondal, respectively, they added.

MUSTARD seed prices fell by INR 25 to INR 6,550-INR 6,575 per 100 kg in Jaipur, Rajasthan. Arrivals in Rajasthan were unchanged at 95,000 bags (1 bag = 50 kilograms). Arrivals across the country were also unchanged at 180,000 bags, according to Marudhar Trading Agency.

"The overall mustard price trend is expected to be bearish in the medium-term due to excess supply," said a trader from Rajasthan who did not want to be named.  

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, rose by INR 100 to INR 4,000-INR 4,400 per 100 kg, said Mukesh Mangal, a local trader. Arrivals were down by 1,100 bags to 1,500 bags (1 bag = 90 kg), he said. Some varieties were also traded at INR 4,235 per 100 kg, he said. However, the soybean price trend is expected to remain bearish in the medium-term due to excess supply and huge imports of cheaper soyoil, Narendra Porwal, another trader from Madhya Pradesh added. 

GROUNDNUT prices in Gondal rose by INR 200 to INR 5,350-INR 6,900 per 100 kg, said Ashok Virvani, a trader from Gujarat. "On Friday, groundnut prices had shown some improvement due to the arrivals of better varieties including G20, 66-nabar and bold kernel which are usually preferred by oilmills," he said. 

The National Agricultural Cooperative Marketing Federation of India Ltd. procured 89,858.50 tonnes of groundnut, around 4.4% of the total sanctioned quantity of 2.05 million tonnes, according to data by the central procurement agency. 

End

Edited by Deepshikha Bhardwaj

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