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Informist, Tuesday, Dec. 10, 2024

By Anjali Lavania

MUMBAI – Spot prices of mustard were steady in Jaipur while soybean prices fell in Indore, 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 unchanged at 90,000 bags (1 bag = 50 kilograms). Arrivals across the country were also unchanged at 185,000 bags, according to Marudhar Trading Agency.

Mills across India crushed around 800,000 tonnes of mustard seed in November compared to 1.0 million tonnes in October, the report showed. "Millers have bought less in November due to huge imports of other edible oils weighing down on domestic mustard prices," the trader from the agency said. Crushing usually remains high during July and August as major festivals occur during these months, he added.

Government agencies have disposed of around 1.3 million tonnes of mustard in the market so far this season, compared with 300,000 tonnes in the same period last year, which has increased supply and exerted downward pressure on prices, according to Indrajit Paul, head of research of Agrocorp International.

SOYBEAN prices in Indore, Madhya Pradesh were down INR 100 at INR 3,900-INR 4,300 per 100 kg, said Shailendra Soni, a local trader. Arrivals were up by 2,400 bags to 4,000 bags (1 bag = 90 kg), he said. "The overall trend in the near-term is bearish due to excess supply," Soni said. 

Soybean output estimate for 2024-25 (Jul-Jun) is pegged at 13.4 million tonnes, which is slightly higher than 13.1 million tonnes in 2023-24, according to the first advance estimate for 2024-25 (Jul-Jun) released by the government on Nov. 5.

"Over the last four years, there has been a notable increase in soybean production, which helped stabilise the availability in the domestic market," Rahul Chauhan, director of IGrain India Pvt. Ltd. said. Currently, prices have remained below the minimum support price, with strong arrivals of new soybeans in markets, he said. 

GROUNDNUT prices in Gondal in Gujarat fell by INR 100 to INR 5,150-INR 6,700 per 100 kg, said Ashok Virvani, a local trader from the state. "There were arrivals of groundnuts which have high moisture content, he added. Currently, the government is procuring only those varieties which have 4% moisture content or less than that, Virvani said. This is not very useful for farmers as they are not getting enough profits, he added. 

End

Edited by Deepshikha Bhardwaj

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