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Informist, Monday, Dec. 16, 2024

By Anjali Lavania

MUMBAI – Prices of mustard and groundnut rose in Jaipur and Gondal, respectively, traders said. Prices of soybean fell in Indore, they added. 

Prices of MUSTARD seed rose by INR 25 to INR 6,500-6,525 per 100 kg in Jaipur, Rajasthan. Arrivals in the state were down by 5,000 bags at 80,000 bags (1 bag = 50 kg). Arrivals across the country were down by 10,000 bags at 165,000 bags, according to Marudhar Trading Agency.

"In most of the states, including Rajasthan, mustard sowing is lagging behind because of warmer-than-expected temperatures in November and December," said a trader who did not want to be named. Most farmers are now preferring to sow wheat instead of mustard, he said.  

This is a temporary improvement in price and the overall trend in the long term appears to be bearish due to large imports of edible oils, low demand for rapeseed meal and huge disposal of mustard seeds in markets by the government, he said. 

SOYBEAN prices in Indore fell by INR 50 to INR 3,800-4,200 per 100 kg, said Shailendra Soni, a local trader. Arrivals were up by 2,400 bags at 5,000 bags (1 bag = 90 kg), he said. 

"Soybean sowing in Brazil for the 2024-25 season is nearly complete, with an increase in the total area under cultivation," Soni said. A bumper soybean crop in Brazil will solidify its position as a global leader in soybean production and exports, which will impact global soybean prices and trade dynamics, he said.

High availability of soybean in Brazil, one of the major producers, will bring down global prices. Hence, Indian soybean prices will also be affected negatively, Soni said. 

For Oct-Nov, soymeal exports fell to 241,000 tonnes from 385,000 tonnes a year ago, according to the Soybean Processors Association of India. Imports of crude soyoil were up 172% on year at 407,648 tonnes in November, according to the data from The Solvent Extractors' Association of India.

GROUNDNUT prices in Gondal, Gujarat, rose by INR 200 to INR 5,450-7,000 per 100 kg, said Ashok Virvani, a trader from the state. "Arrivals were of good quality on Friday, including Nabar-66 and bold kernel varieties," he added.

"However, recent price declines in domestic markets have raised concerns because of less demand due to degraded quality affected by rain," said Abhimanyu Solanki, director, KDC Agro & Textile Industries.

According to the first advance estimate for 2024-25 (Jul-Jun) released by the government on Nov. 5, groundnut output is pegged at a record 10.4 million tonnes, up from 8.7 million tonnes in 2023-24. 

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 at 1604 IST: 

--December contract for cottonwash oil was traded at INR 1,205 per 10 kg, down 0.7% from the previous close.

--January contract for cottonwash oil was traded at INR 1,196 per 10 kg, down 0.7% from the previous close.

End

Edited by Avishek Dutta

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