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Informist, Friday, Dec. 20, 2024

By Anjali Lavania

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

MUSTARD seed prices fell by INR 75 to INR 6,250-INR 6,275 per 100 kilograms in Jaipur. Arrivals in the state were unchanged at 75,000 bags (1 bag = 50 kg). Arrivals across the country were also unchanged at 160,000 bags, according to Marudhar Trading Agency.

"Due to abundant supply and huge quantities of edible oil imports, yellow seed prices are being affected negatively," said a trader on condition of anonymity. Prices may remain bearish in the range of INR 6,300-6,500 per 100 kg for some time, 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. The new crop arrivals are expected to start reaching the markets after Feb. 15, Paul said.

SOYBEAN prices in Indore were steady at INR 3,850-INR 4,250 per 100 kg, said Narendra Porwal, a local trader. Arrivals were also unchanged at 2,900 bags (1 bag = 90 kg), he said.

"Procurement has started in some of the states, which is of very little help to farmers," Porwal said. Moreover, huge imports of cheaper soyoil are also weighing on the domestic prices of oilseed, he said. 

GROUNDNUT prices in Gondal in Gujarat fell by INR 100 to 5,300-INR 6,850 per 100 kg, said Ashok Virvani, a trader from the state. "Groundnuts are arriving in large quantities in Gujarat's Gondal, Rajkot, and Junagadh, and in Uttar Pradesh's Jhansi, Mahoba, and Mauranipur. Rajasthan's markets are also seeing new stocks arrive," said Rahul Chauhan, director of IGrain India. Huge arrivals with high moisture content are priced less and are not preferred by exporters. 

The December contract of COTTONWASH OIL traded at INR 1,150 per 10 kg on the National Commodity and Derivatives Exchange, down 0.1% from the previous close. The January contract was at INR 1,160 per 10 kg, up 0.1% from the previous close. Cottonwash oil is an edible oil that is extracted by crushing cottonseed. This vegetable oil is frequently used for frying and baking. 

End

Edited by Saji George Titus

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