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Informist, Wednesday, Dec. 18, 2024

By Anjali Lavania

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

MUSTARD seed prices fell by INR 50 to INR 6,425-INR 6,450 per 100 kg in Jaipur. Arrivals in the state were steady at 80,000 bags (1 bag = 50 kg). Arrivals across the country increased by 10,000 bags to 175,000 bags, according to Marudhar Trading Agency.

"Mustard prices are being affected negatively due to imports of huge quantities of cheaper edible oils," said a trader on condition of anonymity. Moreover, excess supply in local markets across the country is pushing down yellow seed prices, 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 200 bags at 3,000 bags (1 bag = 90 kg), he said.

"Poor 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. 

In recent months, with increased supply of soybean meal in the global market, Indian soybean meal is facing severe competition. Exports are likely to slow down in the coming months, the Solvent Extractors' Association of India said in a release on Wednesday.

GROUNDNUT prices in Gondal, Gujarat, were steady at INR 5,400-INR 6,950 per 100 kg, said Ashok Virvani, a trader from the state. "Overall trend in the long term appears to be bearish due to poor export demand for groundnut as most of the stocks are damaged and have high moisture content due to rains," he said. Groundnut with high moisture content is not preferred by exporters. 

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 1,161 per 10 kg, down 2.6% from the previous close.

--January contract for cottonwash oil was traded at INR 1,161 per 10 kg, down 2.3% from the previous close.

End

Edited by Avishek Dutta

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