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Informist, Wednesday, Jan. 1, 2025

By Anjali Lavania

MUMBAI – Prices of all major oilseeds were steady in the country's key spot markets Wednesday, traders said. Market participants believe soybean prices may fall in the coming weeks on weak global demand for Indian soymeal and high imports of soyoil by the country.

MUSTARD seed prices were steady at INR 6,500-INR 6,525 per 100 kilograms in Jaipur, Rajasthan. Arrivals in the state increased by 5,000 bags to 75,000 bags (1 bag = 50 kg). Arrivals across the country increased by 15,000 bags to 175,000 bags, according to Marudhar Trading Agency.

In the long term, mustard seed prices are expected to rise as production is estimated to fall, said a trader on condition of anonymity. In the current rabi season, mustard acreage is seen running below last year's level. As of Dec. 30, mustard acreage was 8.9 million hectares, down 5.6% from a year ago, according to data from the Department of Agriculture and Farmers Welfare.

SOYBEAN prices in Indore, Madhya Pradesh, were steady at INR 4,000-INR 4,300 per 100 kg, said Narendra Porwal, a local trader. Arrivals were unchanged at 2,400 bags (1 bag = 90 kg), he said. 

In Ujjain, also in Madhya Pradesh, soybean prices were steady at INR 4,100-INR 4,375 per 100 kg, with arrivals remaining unchanged at 3,750 bags, Sandeep Sarda, another trader from the state, said.

"Factors like high arrivals of soybean in mandis, huge imports of soyoil, along with weak demand for Indian soymeal in the international market are pushing prices of the legume down," Sarda said. Imports of crude soyoil in November were up 172% on year at 407,648 tonnes, according to the Solvent Extractors' Association of India. 

GROUNDNUT prices at Gondal in Gujarat were steady at INR 5,200-INR 6,750 per 100 kg, said Ashok Virvani, a trader from the state. Weak export demand and abundant supply of groundnuts in various mandis like Gondal, Rajkot, and Junagadh are weighing prices down, he said. He expects groundnut prices to fall in the near term as arrivals at the markets are rain-damaged and of poor quality.

End

Edited by Rajeev Pai

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