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Informist, Thursday, Dec. 12, 2024

By Anjali Lavania

MUMBAI – Prices of mustard and soybean fell in Jaipur and Indore, while those of groundnut were steady in Gondal Thursday, traders said. Prices of soybean fell due to sluggish demand for Indian soymeal and imports of cheaper soyoil, they added.

MUSTARD seed prices fell by INR 25 to INR 6,500-6,525 per 100 kg in Jaipur, Rajasthan. Arrivals in the state were unchanged at 85,000 bags (1 bag = 50 kg). Arrivals across the country were also unchanged at 175,000 bags, according to Marudhar Trading Agency.

"The overall trend appears bearish for mustard prices in the near term due to high cheap imports of various edible oils, which affects the domestic demand for local oilseeds negatively," said a trader who did not want to be named.

Farmers in most parts of India, especially Rajasthan, are shifting towards sowing chana and wheat because of unfavourable weather that is not supportive of mustard production, the trader said. "In December currently, we are experiencing mostly warmer-than-expected temperatures, which is not good for mustard crop growth," he said.

SOYBEAN prices in Indore, Madhya Pradesh, fell by INR 50 to INR 3,850-4,250 per 100 kg, said Narendra Porwal, a local trader. Arrivals were down by 800 bags to 3,200 bags (1 bag = 90 kg), he said. 

"Soybean prices in the near term will either fall or remain steady due to poor export demand for Indian soymeal and high imports of soyoil," Porwal said. Soymeal is a by-product of the extraction of soybean oil and is used as poultry and livestock feed. Indian soymeal is non-genetically modified and considered rich in protein. Imports of crude soyoil were up 172% on year at 407,648 tonnes in November, the Solvent Extractors' Association of India said Thursday.

GROUNDNUT prices in Gondal, Gujarat, were steady at INR 5,150-6,700 per 100 kg, said Ashok Virvani, a trader from the state. "In the near term, groundnut prices will either remain steady or fall due to sluggish export demand and poor quality of arrivals damaged by rains," he said.

COTTONWASH OIL is an edible oil that is extracted by crushing cottonseed. This vegetable oil is frequently used for frying and baking. On the National Commodity and Derivatives Exchange:

--December contract for cottonwash oil was traded at INR 1,225 per 10 kg, down 1.14% from the previous close.

--January contract for cottonwash oil was steady at INR 1,220.3 per 10 kg.

End

Edited by Rajeev Pai

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