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Informist, Monday, Jan. 6, 2025

By J. Navya Sruthi

MUMBAI – Prices of mustard were slightly up Monday in key markets, traders said. Prices of soybean fell, taking cues from international prices, traders said, while those of groundnut remained unchanged from the previous day. 

Prices of MUSTARD were up by INR 25 at INR 6,450-INR 6,475 per 100 kg in Jaipur in Rajasthan. Arrivals in the state were at 80,000 bags (1 bag = 50 kg), up from 70,000 bags on Friday, and those in the whole of India were at 200,000 bags, up from 170,000 bags, according to Marudhar Trading Agency. 

"Overall trend appears to be bullish in the long-run on the estimations of less production this year," said a trader on a condition of anonymity. According to recent data released by the Department of Agriculture and Farmers Welfare, mustard acreage was 8.9 million hectares, down 5.6% from a year ago.

In 2025, mustard prices could trend towards INR 7,300 per 100 kg, especially if they break the resistance level of INR 6,950 per 100 kg, signalling a bullish momentum. "The long-term outlook is supported by expectations of lower crop production, which could tighten supplies and push prices higher," said Indrajit Paul, head of research at Agrocorp International. 

SOYBEAN prices in Indore, Madhya Pradesh, fell by INR 100 from Saturday to INR 3,800-INR 4,200 per 100 kg, said Shailendra Soni, a trader from Madhya Pradesh. Arrivals were down by 1,000 bags to 3,000 bags (1 bag = 90 kg), he said. 

"Due to huge harvest in South America, international prices are falling down," Soni said. This is also affecting the domestic prices of Indian soybean, he said. Huge imports of soyoil have also created pressure on Indian soybean demand, he added.

In November, India's soyoil imports were 407,648 tonnes, up 172% from the corresponding period last year, the Solvent Extractors' Association of India said. In Decmber, soyoil imports are expected to rise to a four-month high of 421,000 tonnes, up 3% from November and a whopping 175% from the same month last year, according to estimates by GGN Research accessed by Informistaccording to estimates by GGN Research accessed by Informist.

GROUNDNUT prices at Gondal in Gujarat were steady at INR 5,100-INR 6,650 per 100 kg, said Ashok Virvani, a trader from the state. "Groundnut prices are expected to remain bearish in the long term due to delayed procurement by the government and huge production seen in this year," he said.

The National Agricultural Cooperative Marketing Federation of India, under the price support scheme, procured 265,183.63 tonnes of groundnut as of Dec. 30, 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 groundnuts at a minimum support price of INR 6,783 per 100 kg.

End

With inputs from Anjali Lavania

Edited by Akul Nishant Akhoury

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