India Edible Oil
Mustard, soybean flat; groundnut dn on poor export demand
This story was originally published at 20:17 IST on 9 December 2024
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By Anjali Lavania
MUMBAI – Spot prices of mustard and soybean were steady in key markets across the country, traders said. Groundnut prices fell in Gondal, Gujarat, they added.
MUSTARD seed prices were steady at INR 6,550-INR 6,575 per 100 kg in Jaipur, Rajasthan. Arrivals in Rajasthan were up by 10,000 bags to 90,000 bags (1 bag = 50 kilograms). Arrivals across the country were up by 35,000 bags to 185,000 bags, according to Marudhar Trading Agency.
"Mustard prices have been trading around INR 6,575 per 100 kg for two weeks," said a trader from Rajasthan who did not want to be named. In coming weeks too, prices are not expected to rise beyond INR 6,575 per 100 kg, he said. Prices are declining due to excess supply in the market and sluggish demand for domestically produced mustard oil as cheaper imports are available in markets, he added.
SOYBEAN prices in Indore, Madhya Pradesh were steady at INR 4,000-INR 4,400 per 100 kg, said Narender Porwal, a local trader. Arrivals were up by 1,000 bags to 1,600 bags (1 bag = 90 kg), he said. Soybean procurement by the government is not very useful, as farmers are not getting prices above minimum support price, he said. In the long-term, prices are expected to remain bearish due to huge imports of cheaper soyoil, Porwal said.
GROUNDNUT prices in Gondal fell by INR 100 to INR 5,250-INR 6,800 per 100 kg, said Ashok Virvani, a trader from Gujarat. "There were average-quality arrivals on Monday," he said. As huge stocks of groundnuts were damaged by rains, export demand is not good, he added.
COMMODITY | MARKET | PRICE (INR/100 kg) | CHANGE (in INR) |
Mustard | Jaipur | 6,550-6,575 | -- |
Soybean | Indore | 4,400-4,400 | -- |
Groundnut | Gondal | 5,250-6,800 | (-)100 |
End
Edited by Akul Nishant Akhoury
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