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Informist, Thursday, Jan. 23, 2025

By Anjali Lavania

MUMBAI – Prices of mustard and groundnut fell in key markets across the country on Thursday, while soybean prices were steady, traders said. In the long-term, the price trend for mustard appears to be bullish on expectations of lower production this year, they added.

Prices of SOYBEAN in Indore, Madhya Pradesh, were steady at INR 4,050-INR 4,300 per 100 kg, said Narendra Porwal, a local trader. Arrivals were up by 200 bags at 3,400 bags, (1 bag = 90 kg) from Wednesday, Porwal added.

"India is importing more refined edible oils compared to crude edible oils. There should be an increase in duty difference between them. This will generate more crushing of oilseeds and more employment," said Rahul Chauhan, director of IGrain India.

Soybean prices in Kota, Rajasthan, were steady at INR 4,300 per 100 kg with arrivals being unchanged at 12,000 bags, said Mahesh Sameriya, a trader from the state.

Meanwhile, GROUNDNUT prices in Gondal, Gujarat, fell by INR 50 to INR 5,250-INR 6,600 per 100 kg, said Ashok Virvani, a local trader. "Thursday's arrivals consisted of groundnuts with high moisture. Prices appear to be bearish in the long-term due to expectations of a rise in production," he said.

Area under groundnut was up 6.7% on year at 365,000 hectares as of Jan. 20, according to data from the Department of Agriculture and Farmers' Welfare.

Prices of MUSTARD were down by INR 100 at INR 6,275-INR 6,300 per 100 kg, according to Marudhar Trading Agency. Arrivals in Jaipur and across the country fell by 5,000 bags to 75,000 bags and 170,000 bags, respectively, the agency said.

"Sluggish domestic and international demand for rapeseed meal is affecting mustard seed prices in a negative way. However, prices may rise in the long-term on expectations of lower production this year," Sameriya said.

There is uncertainty over export of rapeseed meal to Bangladesh, which has led to a fall in volume in recent months. India's oilmeal exports to Bangladesh fell nearly 17% on year to 547,657 tonnes in Apr-Dec, according to data by the Solvent Extractors' Association of India.

Mustard prices in Kota were down by INR 50 at INR 5,800 per 100 kg with arrivals declining by 1,700 bags to 4,300 bags, Sameriya said.

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.

End

Edited by Nishant Maher

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