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Informist, Thursday, Jan. 16, 2025

By Anjali Lavania

MUMBAI – Prices of all oilseeds fell in the key markets Thursday, traders said. Tepid domestic demand amid huge soyoil imports pushed soybean prices down, they said.

Prices of MUSTARD in the benchmark market of Jaipur in Rajasthan fell INR 75 from Wednesday to INR 6,450-INR 6,475 per 100 kg, according to Marudhar Trading Agency. Arrivals in Rajasthan were down by 5,000 bags to 75,000 bags (1 bag = 50 kg), he added. Arrivals across the country were down by 10,000 bags to 190,000 bags.

"The overall trend appears to be bullish as production this year is estimated to be less compared to last year," said Mahesh Sameriya, a trader from the state. There are chances that the mustard crop might arrive in markets from next month, he said. 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.

SOYBEAN prices in Indore, Madhya Pradesh, were down by INR 200 at INR 4,000-INR 4,200 per 100 kg, said Narendra Porwal, a local trader. Arrivals were around 3,000 bags, up 500 bags (1 bag = 90 kg) from Wednesday, he added. 

"Due to high soyoil imports, soybean prices are being affected negatively as there is tepid demand for domestically produced oilseeds," Porwal said. Crude soyoil imports in December increased to 420,651 tonnes from 152,650 tonnes a year ago, according to the data by Solvent Extractors' Association of India.

GROUNDNUT prices at Gondal in Gujarat were down INR 100 to INR 5,100-INR 6,550 per 100 kg, said Ashok Virvani, a Gujarat-based trader. "There were fewer arrivals of good variety groundnuts like bold kernel and G20," Virvani said. There were huge arrivals of groundnuts with high moisture content on Thursday, which are generally not preferred by millers and exporters, he said.

Delayed procurement is also weighing on groundnut prices, Virvani said. The National Agricultural Cooperative Marketing Federation of India procured 726,323.91 tonnes of groundnut as of Jan. 13, which is nearly 35% of the total quantity of 2.05 million tonnes sanctioned by the government. The Centre has allowed Gujarat, Karnataka, Rajasthan, Haryana, Andhra Pradesh, and Uttar Pradesh to procure groundnuts at a minimum support price of INR 6,783 per 100 kg. However, the procurement has started only in Gujarat, Rajasthan, and Uttar Pradesh with minimal purchases.

End

Edited by Subhojit Sarkar

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