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Informist, Tuesday, Jan. 7, 2025

By Anjali Lavania

MUMBAI – Prices of mustard rose slightly Tuesday across key markets, traders said. Prices of soybean and groundnut were steady in the respective benchmark markets of Indore, Madhya Pradesh and Gondal, Gujarat, they said. Market participants believe that mustard prices are improving due to winter demand. 

Prices of MUSTARD were up by INR 25 to INR 6,475-INR 6,500 per 100 kg in the benchmark market of Jaipur, Rajasthan. Arrivals in the state were unchanged at 80,000 bags (1 bag = 50 kg). Similarly, arrivals across the country were unchanged at 200,000 bags, according to Marudhar Trading Agency. 

"Winter demand for mustard is seen supporting prices in most of the central parts of the country," said a trader on the condition of anonymity. However, in the near term, prices might not get above the level of INR 6,500-INR 6,600 per 100 kg, he said. 

SOYBEAN prices in the key market of Indore were steady at INR 3,800-INR 4,200 per 100 kg, said Shailendra Soni, a trader from Madhya Pradesh. Arrivals were down by 900 bags at 2,100 bags (1 bag = 90 kg), he said. 

"In the medium to long term, the soybean price outlook seems to be bearish on good harvests from Brazil and Argentina," Soni said. This is already affecting the domestic prices of Indian soybeans, he said, adding that huge imports of soyoil have also created pressure on Indian soybean demand.

In November, India's soyoil imports were at 407,648 tonnes, up 172% from the corresponding period last year, the Solvent Extractors' Association of India said. In December, 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 Informist. 

GROUNDNUT prices at Gondal were steady at INR 5,100-INR 6,650 per 100 kg, said Ashok Virvani, a Gujarat-based trader. "Groundnut prices are expected to remain weak in the long term due to delayed procurement by the government, poor quality of groundnuts and estimation of huge production 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 only 13% of the total sanctioned quantity of 2.05 million tonnes. The 2024-25 crop of groundnuts is expected to be a bumper one, with the Department of Agriculture and Farmers Welfare putting the first advance estimate for the season at 10.36 million tonnes compared with 8.67 million tonnes last year. 

End

Edited by Tanima Banerjee

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