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Informist, Thursday, Jan. 2, 2025

By Anjali Lavania

MUMBAI – Prices of all major oilseeds fell slightly in the key spot markets of the country Thursday, traders said. Market participants believe groundnut prices may fall in the coming weeks due to factors like poor quality stocks damaged by rain, and weak export demand. 

MUSTARD seed prices fell by INR 75 to INR 6,425-INR 6,450 per 100 kilograms in Jaipur, Rajasthan. Arrivals in the state decreased by 5,000 bags to 70,000 bags (1 bag = 50 kg). Similarly, arrivals across the country decreased by 5,000 bags to 170,000 bags, according to Marudhar Trading Agency.

"Mustard prices are hovering around INR 6,425-INR 6,500 per 100 kg since the past week," said a trader on condition of anonymity. In the coming weeks, prices are not expected to rise above the level of INR 6,600-INR 6,800 per 100 kg, he said. Due to winter demand, some improvement will be seen in the ongoing month, he added.

SOYBEAN prices in Indore, Madhya Pradesh, were down by INR 100 to INR 3,900-INR 4,300 per 100 kg, said Narendra Porwal, a local trader. Arrivals rose by 500 bags to 2,900 bags (1 bag = 90 kg), he said. 

In Ujjain, also in Madhya Pradesh, soybean prices fell by INR 200 to INR 3,900-INR 4,375 per 100 kg, with arrivals also reducing by 450 bags to 3,300 bags, said Sandeep Sarda, another trader from the state.

"After the government's procurement too, soybean prices are below the minimum support price of INR 4,982 per 100 kg which is discouraging farmers to sell their stocks in mandis as they are not getting enough returns," Sarda said. 

GROUNDNUT prices at Gondal in Gujarat were down by INR 100 to INR 5,100-INR 6,650 per 100 kg, said Ashok Virvani, a trader from the state. The rise in arrivals due to the bumper output has resulted in a fall in groundnut prices in various mandis across the state, he said. Demand is sluggish as most of the stock is of poor quality, damaged by rain, he added. Weak export demand due to high moisture content in stocks is also weighing down on groundnut prices, he said. 

Excessive rains, filling of godowns with rainwater, and overflowing of rivers damaged kharif crops during the south-west monsoon season. "Most of the godowns in Junagadh, Saurashtra, and Rajkot were filled with rainwater, which eventually resulted in poor quality of groundnuts," Virvani said

Groundnut production for the 2024-25 season is projected to reach a record 10.36 million tonnes, a significant increase from 8.67 million tonnes last year, according to the Department of Agriculture and Farmers Welfare.

End

Edited by Akul Nishant Akhoury

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