India Edible Oil
Oilseed prices unavailable as mkts shut for Makar Sankranti
This story was originally published at 19:31 IST on 14 January 2025
Register to read our real-time news.Informist, Tuesday, Jan. 14, 2025
By Anjali Lavania
MUMBAI – Prices of mustard seed, soybean, and groundnut were unavailable on Tuesday as all key spot markets were closed on the occasion of Makar Sankranti, traders said. Soybean prices are expected to remain bearish in the long term due to huge imports of soyoil, they said.
Prices of MUSTARD in the benchmark market of Jaipur, Rajasthan, were unavailable. "In the long term, however, mustard seed prices are expected to rise, especially since production this year is likely to be lower. In the long term, 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 bullish momentum. The long-term outlook is supported by expectations of lower new crop production, which could tighten supplies and push prices higher," said Indrajit Paul, head of research at Agrocorp International. As of Jan. 10, mustard acreage was 8.85 million hectares, down 5.6% from a year ago, according to data from the Department of Agriculture and Farmers Welfare.
"Mustard prices in Kota (Rajasthan) were closed for Makar Sankranti," said Mahesh Sameriya, a local trader from Rajasthan.
SOYBEAN prices on Tuesday were unavailable, as major markets in Madhya Pradesh, including Indore, were shut on the occasion of Makar Sankranti, said Narendra Porwal, a trader from the state. "Soybean prices may remain bearish in the long term due to huge imports of soyoil," Porwal said. Crude soyoil imports in December increased to 420,651 tonnes from 152,650 tonnes a year ago, the Solvent Extractors' Association of India said on Tuesday. Crude soyoil imports during Nov-Dec rose to 828,299 tonnes from 302,544 tonnes in the year-ago period, according to the data by the association.
"Soybean prices in Kota, Rajasthan, were unavailable as the market was shut," Sameriya said.
GROUNDNUT prices in most mandis in Gujarat, including Rajkot, Gondal, and Junagadh, were unavailable due to Makar Sankranti, 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.
COMMODITY | MARKET | PRICE (INR/100 kg) | CHANGE (in INR) |
Mustard | Jaipur | -- | -- |
Soybean | Indore | -- | -- |
Groundnut | Gondal | -- | -- |
Edited by Avishek Dutta
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