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Informist, Tuesday, Dec. 24, 2024

By Anjali Lavania

MUMBAI – Prices of mustard rose in Jaipur as did those of soybean in Indore, traders said. However, prices of groundnut were steady in Gondal, they added.

MUSTARD seed prices rose by INR 75 to INR 6,375-INR 6,400 per 100 kilograms in Jaipur. Arrivals in the state were unchanged from Monday at 85,000 bags (1 bag = 50 kg). Arrivals across the country were unchanged at 180,000 bags, according to Marudhar Trading Agency.

"Due to winter demand, mustard prices are improving but at a slower pace," said a trader who did not want to be named. 

Temporary recovery is possible, but mustard prices may break support and approach INR 6,000 per 100 kg as harvest season nears and arrivals will increase further, Shailendra Soni, a trader from Indore, Madhya Pradesh, said.

SOYBEAN prices in Indore rose by INR 50 to INR 4,000-INR 4,300 per 100 kg, said Narendra Porwal, a local trader. Arrivals were down by 200 bags to 2,800 bags (1 bag = 90 kg), he said. "This is a temporary rise (in prices) due to government procurement in some states," Porwal said. The overall trend appears bearish in the medium term due to huge imports of cheaper soyoil and weak domestic and international demand for soymeal, he said. 

GROUNDNUT prices in Gondal, Gujarat, were steady at INR 5,300-INR 6,850 per 100 kg, said Ashok Virvani, a trader from the state. Low procurement has contributed to steadiness and lowering of prices. As of Dec. 16, the National Agricultural Cooperative Marketing Federation of India Ltd. has procured 265,183.63 tonnes groundnut, which is nearly 13% of the total sanctioned quantity of 2.05 million tonnes. The Centre has allowed Gujarat, Karnataka, Rajasthan, Haryana, Andhra Pradesh, and Uttar Pradesh to procure groundnut at a minimum support price of INR 6,783 per 100 kg. However, the procurement started only in Gujarat, Rajasthan, and Uttar Pradesh with minimal purchases. In each of these states, procurement has been slower than last year.

What is of a further concern to the trade is that the central government had sanctioned procurement in Karnataka, Haryana, and Andhra Pradesh, but none has begun the operation yet. In Rajkot, Gujarat, prices dropped by INR 125 to INR 6,000-INR 7,000 per 100 kg, said Dilipbhai Patel, a local trader.

The January contract of COTTONWASH OIL traded at INR 1,180.5 per 10 kg on the National Commodity and Derivatives Exchange, down 0.1% 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 Deepshikha Bhardwaj

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