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Informist, Wednesday, Jan. 8, 2025

By Anjali Lavania

MUMBAI – Prices of mustard and soybean rose slightly Wednesday across key markets, traders said. Prices of groundnut were steady in Gondal, Gujarat, they said. Market participants believe that the overall trend for soybean appears to be bearish in the long-term due to huge imports of soyoil by the country. 

Prices of MUSTARD were up INR 25 at INR 6,500-INR 6,525 per 100 kg in the benchmark market of Jaipur, Rajasthan. Arrivals in the state were down by 5,000 bags to 75,000 bags (1 bag = 50 kg). Similarly, arrivals across the country were down 20,000 bags at 180,000 bags, according to the Marudhar Trading Agency. 

"Mustard prices are expected to rise in the long term too on estimates of low production this year," said a trader on the condition of anonymity. 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. However, in the near term, prices might not get above the level of INR 6,500-INR 6,600 per 100 kg, he said. 

"Mustard prices in Kota, Rajasthan were stable at INR 5,900 per 100 kg with arrivals being the same at 3,000 bags," said Mahesh Sameriya, a local trader from Rajasthan.  

SOYBEAN prices in the key market of Indore, Madhya Pradesh, rose INR 200 to INR 4,000-INR 4,400 per 100 kg, said Sandeep Sarda, a trader from Madhya Pradesh. Arrivals were down by 200 bags at 1,900 bags (1 bag = 90 kg), he said. 

"Soybean prices improved on Wednesday due to fewer arrivals, but huge imports of soyoil along with sluggish demand for Indian soymeal have created pressure on domestic soybean prices," Sarda said. 

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. 

"Soybean prices in Kota, Rajasthan were stable at INR 4,350 per 100 kg with arrivals being the same at 11,000 bags," Sameriya said. 

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 the estimate of huge production this year," he said. 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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