India Edible Oil
Mustard up on winter demand; groundnut steady in key mkts
This story was originally published at 20:09 IST on 26 December 2024
Register to read our real-time news.Informist, Thursday, Dec. 26, 2024
Anjali Lavania
MUMBAI – Prices of mustard rose in Jaipur and those of soybean were steady in Indore. Prices of groundnut were steady in Gondal, they added.
MUSTARD seed prices rose by INR 50 to INR 6,425-INR 6,450 per 100 kilograms in Jaipur. Arrivals in Rajasthan were 75,000 bags (1 bag = 50 kg), down by 10,000 bags. Arrivals across the country were down by 15,000 bags to 165,000 bags, according to Marudhar Trading Agency.
"Winter demand and quality seed arrivals with 42% oil content supported prices," said a trader who did not want to be named. However, this is a temporary change and will not last long, he added.
SOYBEAN prices in Indore were steady at INR 4,000-INR 4,300 per 100 kg, said Narendra Porwal, a local trader. Arrivals were down by 100 bags to 2,700 bags (1 bag = 90 kg), he said.
While the legume prices were stable today, they have been below the minimum support price since their arrivals started in mid-October. "Soybean prices have fallen much below the minimum support price of INR 4,892 per 100 kg, causing significant losses to farmers and increasing the need for supportive measures," said Shailendra Soni, another local trader from the state. When the ban was imposed in 2021 on commodity derivatives on the National Commodity and Derivatives Exchange, prices of soybean, mustard, and their derivatives were high. However, the current bearish trend in soybeans necessitates the resumption of futures trading to boost the market sentiment, 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. "Due to predictions of thunderstorms and hailstorms in the state, farmers hesitate to bring bulk stocks in mandis nowadays," he said. Some of the mandis, including Saurashtra, may be closed for the next 2–3 days, he said.
A western disturbance is likely to interact with lower-level easterly winds over the central parts of the country and is likely to lead to thunderstorms accompanied by hailstorms over Punjab, Haryana, Chandigarh, west Uttar Pradesh, Rajasthan, Vidarbha, central Maharashtra, Marathwada, and Gujarat on Friday, and over Madhya Pradesh on Saturday, the India Meteorological Department said.
The weather bureau has advised farmers in Punjab, Haryana, West Uttar Pradesh, Rajasthan, Madhya Pradesh, Vidarbha, central Maharashtra, Marathwada, and Gujarat to use hail nets to protect orchards and vegetable plants.
COMMODITY | MARKET | PRICE (INR/100 kg) | CHANGE (in INR) |
Mustard | Jaipur | 6,425-6,450 | 50 |
Soybean | Indore | 4,000-4,300 | -- |
Groundnut | Gondal | 5,300-6,850 | -- |
End
Edited by Akul Nishant Akhoury
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