India Edible Oil
Soybean prices steady; mustard, groundnut rise in key mkts
This story was originally published at 18:30 IST on 21 January 2025
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By Anjali Lavania
MUMBAI – Prices of mustard seed rose while those of soybean were steady in various spot markets across the country on Tuesday, traders said. Groundnut prices rose in Gondal, Gujarat, they said.
Prices of MUSTARD in the benchmark market of Jaipur, Rajasthan, rose by INR 50 to INR 6,375-INR 6,400 per 100 kg, according to Marudhar Trading Agency. Arrivals in Rajasthan were unchanged at 70,000 bags (1 bag = 50 kg). Arrivals across the country were unchanged at 160,000 bags.
"Mustard prices are gaining some support due to winter demand," Mahesh Sameriya, a trader from the state said. However, this improvement in mustard seed prices will be short-lived as the new crop will start arriving from mid-February, Sameriya said.
"Mustard prices in Kota were down by INR 50 to INR 5,850 per 100 kg with arrivals increasing by 2,000 bags to 5,000 bags," said Sameriya.
SOYBEAN prices in Indore, Madhya Pradesh, were steady at INR 3,950-INR 4,200 per 100 kg, said Narendra Porwal, a local trader. Arrivals were around 3,400 bags, down by 100 bags (1 bag = 90 kg) from Monday, he added.
"Sluggish demand for Indian soymeal in the global markets and huge imports of soyoil is weighing down on domestic prices of soybean," Porwal said.
India's oilmeal exports in December fell 25% on year to 398,731 tonnes, according to the data from The Solvent Extractors' Association of India. In the Apr-Dec period, total oilmeal exports were down 10% at 3.15 million tonnes, the data showed.
The overall import of vegetable oils during the first two months of the oil year 2024-25 (Nov-Oct) was 2.86 million tonnes compared to 2.47 million tonnes same period last year, up 16%, according to the Solvent Extractors' Association of India.
"Soybean prices in Kota were down by INR 50 to INR 4,300 per 100 kg with arrivals increasing by 3,000 bags to 14,000 bags," Sameriya said.
GROUNDNUT prices at Gondal in Gujarat rose by INR 200 to INR 5,200-INR 6,550 per 100 kg, said Ashok Virvani, a Gujarat-based trader. "There were good quality arrivals, including Java, bold kernel, and G20 on Tuesday," Virvani said. However, this is a temporary improvement as there is an abundance of damaged crops with farmers in their godowns and also high production is expected this year, he added.
The 2024-25 crop of groundnut is expected to be a bumper one, with the Department of Agriculture and Farmers Welfare putting the first advance estimate at 10.36 million tonnes compared with 8.67 million tonnes last year.
COMMODITY | MARKET | PRICE (INR/100 kg) | CHANGE (in INR) |
Mustard | Jaipur | 6,375-6,400 | 50 |
Soybean | Indore | 3,950-4,200 | -- |
Groundnut | Gondal | 5,200-6,550 | 200 |
End
Edited by Subhojit Sarkar
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