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Informist, Monday, Jan. 27, 2025

By Anjali Lavania

MUMBAI – Prices of all major oilseeds including mustard, soybean and groundnut fell in key markets across the country on Monday, traders said. Mustard prices were down due to abundant arrivals in mandis while groundnut arrivals fell due to poor-quality arrivals and sluggish export demand, they said. 

Prices of SOYBEAN in Indore, Madhya Pradesh, fell by INR 50 to INR 4,000-INR 4,250 per 100 kg, said Narendra Porwal, a local trader. Arrivals were up by 100 bags at 3,200 bags, (1 bag = 90 kg) from Friday, Porwal added. Soybean prices fell as there is weak domestic and international demand of Indian soymeal, he said. Also, high maize ethanol has resulted in very high production of dried distillers grains, which has ensured soymeal prices in the country remain subdued, according to Solvent Extractors' Association of India. Argentina, a key supplier of processed soyoil and soymeal, is set to increase global competition, potentially pressuring prices, according to a report by Kedia Advisory. 

Soybean prices in Kota, Rajasthan, were steady at INR 4,300 per 100 kg with arrivals increasing by 2,000 bags to 14,000 bags, said Mahesh Sameriya, a trader from the state.

Similarly, GROUNDNUT prices in Gondal, Gujarat, fell by INR 100 to INR 5,150-INR 6,500 per 100 kg, said Ashok Virvani, a local trader. "Prices were down on Monday due to poor-quality arrivals with high moisture content," he said. Groundnut prices are expected to fall in three to six months due to sluggish export demand, he added. According to Neharu Kher, the managing director of Across Overseas Pvt. Ltd., it is not viable for farmers to grow groundnuts if export demand is weak or absent. Exports to Iran and Algeria were down this year, he said.

Prices of MUSTARD were down by INR 25 at INR 6,200-INR 6,225 per 100 kg, according to Marudhar Trading Agency. Arrivals in Jaipur increased by 20,000 bags to 95,000 bags. Similarly, arrivals across the country increased by 35,000 bags to 200,000 bags, the agency said.

"Huge mustard arrivals have led to a fall in prices on Monday," Sameriya said. Also, sluggish domestic and international demand for rapeseed meal, is leading to less crushing, he added. There is uncertainty over the 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 steady at INR 5,900 per 100 kg with arrivals increasing by 3,700 bags to 8,000 bags, Sameriya said.

End

Edited by Akul Nishant Akhoury

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