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Informist, Wednesday, Jan. 22, 2025

By Anjali Lavania and J. Navya Sruthi

MUMBAI – Prices of soybean rose on Wednesday, taking cues from international markets due to supply uncertainties, traders said. Prices of groundnut were up due to demand for better quality varieties, traders said. However, prices of mustard were steady due to lack of new cues, they said. 

Prices of SOYBEAN rose in Indore, Madhya Pradesh, by INR 100 to INR 4,050-INR 4,300 per 100 kg, said Shailendra Soni, a local trader. Due to a slowdown in soybean harvesting in Brazil, supply uncertainties increased, leading to a rise in international prices, he said. Arrivals were around 3,200 bags, down by 200 bags (1 bag = 90 kg) from Monday, Soni added.

Delay in implementing tariffs by the Trump administration and a decline in the US dollar are boosting soybean prices, making US soybean more competitive internationally. This is likely to provide support to soybean prices in Indian markets, reflecting global market trends, Soni said. Domestically, there are arrivals of legume with less moisture content preferred by millers, he said, adding that the gain is limited due to huge imports of soyoil by the country.

Soybean prices in Kota were steady at INR 4,300 per 100 kg with arrivals falling by 2,000 bags to 12,000 bags, said Mahesh Sameriya, a trader from Rajasthan.

GROUNDNUT prices in Gondal, Gujarat, rose by INR 100 to INR 5,300-INR 6,650 per 100 kg, said Ashok Virvani, a local trader. "There were good quality arrivals, including Java, bold kernel, and G20 on Wednesday," Virvani said.

However, the gain is limited in the long term due to expectations of a rise in production, he said. As of Monday, the area under groundnut was up 6.7% at 365,000 hectares, according to data from the Department of Agriculture and Farmers' Welfare.

Prices of MUSTARD were steady in Jaipur at INR 6,375-INR 6,400 per 100 kg, according to Marudhar Trading Agency, and arrivals rose by 10,000 bags to 80,000 bags (1 bag = 50 kg) in Jaipur. Arrivals across the country were up by 15,000 bags at 175,000 bags, the agency said. 

While prices were steady, Sameriya said mustard prices are gaining some support currently due to winter demand. He added that in the long term, mustard prices are seen rising on expectations of lower production this year. As of Monday, mustard acreage was 8.9 million hectares, down 5% from a year ago, according to data from the Department of Agriculture and Farmers Welfare. 

Mustard prices in Kota in Rajasthan were steady at INR 5,850 per 100 kg with arrivals increasing by 1,000 bags to 6,000 bags, Sameriya said.

End

Edited by Avishek Dutta

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