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Informist, Friday, Dec. 27, 2024

By Anjali Lavania

MUMBAI – Prices of mustard on Friday rose in Jaipur, Rajasthan, and those of soybean fell in Indore, Madhya Pradesh. Prices of groundnut were steady in Gondal, Gujarat, they added.

MUSTARD seed prices rose by INR 75 to INR 6,500-INR 6,525 per 100 kilograms in Jaipur. Arrivals in Rajasthan were down by 10,000 bags at 65,000 bags (1 bag = 50 kg). Arrivals across the country were down 15,000 bags at 150,000 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. However, in the long term, a bullish trend in mustard prices is expected due to a decrease in production. "The long-term outlook is supported by expectations of lower new crop production, which could tighten supplies and push prices higher," Indrajit Paul, head of research of Agrocorp International.

In the current rabi season, mustard acreage is seen running below last year's level. As of Dec. 16, mustard acreage was 8.6 million hectares, down 5.4% from a year ago, according to data from the Department of Agriculture and Farmers Welfare. As of Dec. 20, mustard acreage in Rajasthan, the largest mustard-producing state in India, had fallen to 3.29 million hectares from 3.59 million hectares a year ago.

SOYBEAN prices in Indore fell by INR 100 to INR 3,900-INR 4,200 per 100 kg, said Narendra Porwal, a local trader. Arrivals were down 100 bags at 2,600 bags (1 bag = 90 kg), he said. 

"One of the reasons for the fall in legume prices is the increased supply of lower-priced Nepali-origin soyoil in north and central India, which has disrupted market equilibrium, contributing to the price decline," Shailendra Soni, a local trader, said. Increased production in South America may also weaken global demand for Indian soymeal, limiting long-term price gains for soybean, he added. 

GROUNDNUT prices in Gondal 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 added. Arrivals have been very low in various mandis across the state due to fears of hailstorms amongst farmers, the trader said. 

Thunderstorms accompanied by hailstorms are likely over Southeast Himachal Pradesh, Uttarakhand, Punjab, Haryana, Chandigarh, Delhi, Uttar Pradesh, east Rajasthan, Vidarbha, central Maharashtra, Marathwada, and Gujarat Region on Friday and Madhya Pradesh till Saturday, the India Meteorological Department said. 

End

Edited by Tanima Banerjee

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