More Stories

Informist, Tuesday, Dec. 17, 2024

By Anjali Lavania

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

MUSTARD seed prices fell by INR 25 to INR 6,475-INR 6,500 per 100 kg in Jaipur, Rajasthan. Arrivals in the state were steady at 80,000 bags (1 bag = 50 kg). Arrivals across the country were the same as Monday at 165,000 bags, according to Marudhar Trading Agency.

"Mustard prices are being affected due to large imports of edible oils, and sluggish domestic and international demand for rapeseed meal," said a trader who did not want to be named. Moreover, an excess supply of mustard in domestic markets due to disposal by government agencies is pushing yellow seed prices down, he said.

SOYBEAN prices in Indore, Madhya Pradesh, were stable at INR 3,800-INR 4,200 per 100 kg, said Shailendra Soni, a local trader. Arrivals were down by 1,800 bags at 3,200 bags (1 bag = 90 kg), he said.

"Huge imports of cheaper soyoil in the country and sluggish exports of Indian soymeal in global markets have weighed on the domestic prices of the oilseed," Narendra Porwal, another local trader from the state, said.

Soymeal exports in Oct-Nov 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 data from The Solvent Extractors' Association of India.

GROUNDNUT prices in Gondal, Gujarat, fell by INR 50 to INR 5,400-INR 6,950 per 100 kg, said Ashok Virvani, a trader from the state. "Average quality arrivals were there on Tuesday," he said. Demand is sluggish as most of the stock is of poor quality, damaged by rain, he added.

"Groundnut prices in Junagadh, Gujarat are currently trading between INR 5,200 and INR 5,250 per 100 kg. On a week-on-week basis, prices have seen a slight increase of 0.5%. However, on a month-on -month basis, the prices are down by 2%. Compared to the same period last year, the prices have experienced a significant decline of 21%, highlighting a notable decrease in market value over the past year," Indrajit Paul, head of research of Agrocorp International, 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 at 1534 IST: 

--December contract for cottonwash oil was traded at INR 1,191 per 10 kg, down 1.1% from the previous close.

--January contract for cottonwash oil was traded at INR 1,183.7 per 10 kg, down 1.8% from the previous close.

End

Edited by Ashish Shirke

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000 

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2024. All rights reserved.