India Edible Oil
Prices of most down; soybean falls on high soyoil imports
This story was originally published at 19:06 IST on 15 January 2025
Register to read our real-time news.Informist, Wednesday, Jan. 15, 2025
By Afra Abubacker
NEW DELHI – Prices of mustard seed and soybean fell in the key markets on Wednesday, traders said. Rise in arrivals of mustard in Jaipur, Rajasthan, weighed on prices, while tepid demand for domestic soybean amid huge soyoil imports pushed soybean prices down, they added. Meanwhile, groundnut prices remained unchanged.
Prices of MUSTARD in the benchmark market of Jaipur fell INR 50 from Monday to INR 6,525-INR 6,550 per 100 kg, Mahesh Sameriya, a local trader said. Arrivals in Jaipur were up by 10,000 bags at 80,000 bags (1 bag = 50 kg), he added. Markets were closed on Tuesday for Makar Sankranti.
Prices in Kota were up INR 50 at INR 6,625-INR 6,650 per 100 kg. Arrivals across the country were up by 25,000 bags to 200,000 bags, according to Marudhar Trading Agency. "Mustard prices are improving at a slower pace," Sameriya said.
SOYBEAN prices in Indore, Madhya Pradesh, were down by INR 50 at INR 4,200-INR 4,400 per 100 kg, said Narendra Porwal, a local trader. Arrivals were around 2,500 bags, up 500 bags (1 bag = 90 kg) from Monday, he added. Markets were closed Tuesday on the occasion of Makar Sankranti.
According to Porwal, soybean prices are likely to be bearish in the long run amid tepid demand for domestic soybean in the wake of huge soyoil imports. 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 association.
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 and delayed procurement by government agencies, prices are expected to fall in the long term," Virvani said.
The National Agricultural Cooperative Marketing Federation of India has procured 613,616.3 tonnes of groundnut as of Wednesday, which is 30% of the total quantity of 2.0 million tonnes sanctioned by the government under the price support scheme.
COMMODITY | MARKET | PRICE (INR/100 kg) | CHANGE (in INR) |
Mustard | Jaipur | 6,525-6,550 | (-)50 |
Soybean | Indore | 4,200-4,400 | (-)50 |
Groundnut | Gondal | 5,200-6,650 | -- |
End
With inputs from Anjali Lavania
Edited by Ashish Shirke
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