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Informist, Monday, Jan. 13, 2025

By Anjali Lavania

MUMBAI – Prices of mustard seed and groundnut were steady in Jaipur and Gondal, respectively, on Monday, traders said. Soybean prices rose slightly in the Indore market, they said.

Prices of MUSTARD were the same as Saturday at INR 6,575-INR 6,600 per 100 kg in the benchmark market of Jaipur, Rajasthan. Arrivals in the state were down by 5,000 bags to 70,000 bags (1 bag = 50 kg). Arrivals across the country were down by 40,000 bags to 140,000 bags, according to the Marudhar Trading Agency.

"Prices are improving but at a slow pace. However, fewer arrivals in the near-term may push oilseed prices up," said a trader on the condition of anonymity.

"Despite the good stock of mustard held by government agencies like National Agricultural Cooperative Marketing Federation of India and Haryana State Co-operative Supply and Marketing Federation, there is no urgency to sell these stocks, maintaining a balance in the mandis," according to a report by Investing.com

"Mustard prices in Kota (Rajasthan) were down by INR 50 to INR 5,850 per 100 kg with arrivals being unchanged at 4,000 bags," said Mahesh Sameriya, a local trader from Rajasthan.

SOYBEAN prices in the key market of Indore were up by INR 50 at INR 4,250-INR 4,450 per 100 kg, said Narendra Porwal, a trader from Madhya Pradesh. Arrivals were unchanged at 2,000 bags (1 bag = 90 kg), he said. "This is a temporary change and will be short-lived. In the long-term, the soybean price trend appears to be bearish," Porwal said. 

Soybean prices may remain bearish in the long term due to weak domestic and international demand for soymeal, said Govind Jadhav, a research analyst at Samunnati, an agri-enterprise company. Soymeal exports fell to 518,000 tonnes in Oct-Dec from 659,000 tonnes a year ago, the Soybean Processors Association of India said in a release on Monday.

"Soybean prices in Kota, Rajasthan, were up by INR 150 to INR 4,300 per 100 kg with arrivals increasing by 3,000 bags to 13,000 bags," Sameriya said.

GROUNDNUT prices at Gondal in Gujarat were steady at INR 5,200-INR 6,650 per 100 kg, said Ashok Virvani, a Gujarat-based trader. "Due to weak export demand, prices are expected to fall in the long term," Virvani said. Groundnut varieties damaged by rain and high in moisture are generally not preferred by exporters, he said. During 2023-24 (Oct-Sept), India's groundnut exports fell 5.8% to 687,000 tonnes, said Indrajit Paul, head of research, at Agrocorp International.

"NAFED has been purchasing soybean and groundnut from farmers at the minimum support price, with plans to reintroduce these stocks into the market in the future," according to Investing.com.

End

Edited by Ashish Shirke

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