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Informist, Thursday, Dec. 19, 2024

By Anjali Lavania

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

MUSTARD seed prices fell by INR 100 to INR 6,325-INR 6,350 per 100 kg in Jaipur. Arrivals in the state fell by 5,000 bags to 75,000 bags (1 bag = 50 kg). Arrivals across the country were reduced by 15,000 bags to 160,000 bags, according to Marudhar Trading Agency.

"Mustard prices have been hovering around the range of INR 6,300-INR 6,535 per kg for the past two weeks," said a trader on condition of anonymity. It is expected that prices of the seed will not rise beyond the range of INR 6,500-INR 6,600 per kg owing to excess supply in local markets and the import of huge quantities of cheaper edible oils, he said.  

Mustard seed arrivals this season till November-end were around 9.8-9.9 million tonnes, inclusive of farmers' stocks, old stocks, and government stocks, compared with 9.6-9.7 million tonnes in the same period last year, according to data provided by Indrajit Paul, head of research at Agrocorp International. Moreover, new crop arrivals are expected to start reaching the markets after Feb. 15, Paul said.

SOYBEAN prices in Indore, Madhya Pradesh, were up by INR 50 to INR 3,850-INR 4,250 per 100 kg, said Narendra Porwal, a local trader. Arrivals were down by 100 bags at 2,900 bags (1 bag = 90 kg), he said.

"Government procurement in some states is supporting soybean prices, but they are still below the minimum support price of INR 4,982 per kg," Porwal said.

As of Monday, procurement of oilseeds by the National Agricultural Cooperative Marketing Federation of India under the price support scheme was 14.2% of the 5.45 million tonnes approved by the Centre for the kharif oilseed year 2024-25 (Oct-Sept), according to data by the central procurement agency.

Of the total quantity sanctioned for oilseed procurement, soybean has the largest share at 3.36 million tonnes. The government has procured 505,940.65 tonnes of soybean, 15.1% of the sanctioned quantity. The Centre has allowed six states--Karnataka, Telangana, Madhya Pradesh, Maharashtra, Rajasthan, and Gujarat--to procure soybean from farmers at a minimum support price of INR 4,892 per 100 kg for 2024-25 (Oct-Sept).

In Madhya Pradesh, NAFED procured 258,717.75 tonnes, which is nearly 19% of the sanctioned quantity of 1.4 million tonnes. The procurement period approved by the state government is Oct. 25 to Dec. 31.

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. "Average quality arrivals were there on Thursday," he said. Groundnut prices are expected to fall in the near term because of the arrival of degraded stocks, which exporters keep away from, 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 at 1603 IST: 

--December contract for cottonwash oil was traded at INR 1,151 per 10 kg, down 1.0% from the previous close.

--January contract for cottonwash oil was traded at INR 1,161 per 10 kg, down 0.2% from the previous close.

End

Edited by Rajeev Pai

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