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Informist, Thursday, Jan. 9, 2025

By Anjali Lavania

MUMBAI – Prices of mustard seeds fell in Jaipur, Rajasthan, while those of soybean rose in Indore, Madhya Pradesh, on Thursday, traders said. Groundnut prices rose slightly in Gondal, Gujarat, they said. Market participants expect mustard prices to rise in the long-term because of lower production estimate.

Prices of MUSTARD were down INR 25 at INR 6,475-INR 6,500 per 100 kg in the benchmark market of Jaipur, Rajasthan. Arrivals in the state were unchanged at 75,000 bags (1 bag = 50 kg). Arrivals across the country were also steady at 180,000 bags, according to the Marudhar Trading Agency.

"Mustard prices fell on Thursday as there were very few arrivals of varieties with more than 42% oil content, which are usually preferred by millers," said a trader on the condition of anonymity. In the near term, prices might not rise above INR 6,500-INR 6,600 per 100 kg, he said. However, in the long-run, prices are expected to rise on lower production estimate for this year, he added. 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.

"Mustard prices in Kota were stable at INR 5,900 per 100 kg with arrivals increasing by 500 bags to 3,500 bags," said Mahesh Sameriya, a local trader from Rajasthan.

SOYBEAN prices in the key market of Indore rose INR 200 to INR 4,200-INR 4,400 per 100 kg, said Shailendra Soni, a trader from Madhya Pradesh. Arrivals were down by 100 bags to 1,800 bags (1 bag = 90 kg), he said.

Soybean prices in Ujjain, Madhya Pradesh, were up by INR 50 at INR 3,900-INR 4,400 per 100 kg, with arrivals down by 300 bags to 3,100 bags, said Narendra Porwal, a trader from the state.

"There has been a little improvement in soybean prices currently, but it is temporary and short-lived," Soni said. In the long-term, soybean prices are expected to fall due to huge soyoil imports and sluggish demand for Indian soymeal in the global market, he added. 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.

"Soybean prices in Kota, Rajasthan were stable at INR 4,350 per 100 kg with arrivals down by 1,000 bags to 10,000 bags," Sameriya said.

GROUNDNUT prices at Gondal rose by INR 100 to INR 5,200-INR 6,650 per 100 kg, said Ashok Virvani, a Gujarat-based trader. "Groundnut prices improved on Thursday due to the arrival of good varieties like G20 and Bold Java," he said. However, in the long-term, groundnut prices are expected to remain weak due to the estimate of huge production this year, he said. The 2024-25 crop 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 Ashish Shirke

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