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Informist, Monday, Dec. 23, 2024

By Anjali Lavania

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

MUSTARD seed prices rose by INR 50 to INR 6,300-INR 6,325 per 100 kilograms in Jaipur. Arrivals in the state were up by 10,000 bags to 85,000 bags (1 bag = 50 kg). Arrivals across the country were up 20,000 bags to 180,000 bags, according to Marudhar Trading Agency.

"Due to winter demand for mustard, prices are improving slightly; however, this will be a short-lived change," said a trader on condition of anonymity. The overall trend appears to be bearish in the medium term owing to excess availability of the yellow seed in markets as the government is disposing of its stocks, he said. The new crop is expected to start reaching the markets after Feb. 15, Indrajit Paul, head of research at Agrocorp Internsational, said.

SOYBEAN prices in Indore rose by INR 100 to INR 3,950-INR 4,250 per 100 kg, said Narendra Porwal, a local trader. Arrivals also increased by 100 bags to 3,000 bags (1 bag = 90 kg), he said. "Procurement by the government is supporting prices, but they are still not above the minimum support price of INR 4,892 per 100 kg," Porwal said. The overall trend appears bearish in the medium term due to huge imports of cheaper soyoil, he said. 

GROUNDNUT prices in Gondal in Gujarat were steady at INR 5,300-INR 6,850 per 100 kg, said Ashok Virvani, a trader from the state. Excessive rains, filling of godowns with rainwater, and overflowing of rivers have damaged kharif crops during the south-west monsoon season, he said. "Most of the godowns in Junagadh, Saurashtra, and Rajkot were filled with rainwater, which has resulted in poor quality of groundnuts," Virvani said. Export demand for groundnuts is not very good. Groundnut varieties damaged by rain and high in moisture are generally not preferred by exporters, Virvani said.

At 1645 IST, the January contract of COTTONWASH OIL traded at INR 1,185 per 10 kg on the National Commodity and Derivatives Exchange, up 2.2% from the previous close. The February contract was at INR 1,216.2 per 10 kg, up 4% from the previous close. Cottonwash oil is an edible oil that is extracted by crushing cottonseed. This vegetable oil is frequently used in frying and baking. 

End

Edited by Rajeev Pai

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