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Informist, Wednesday, Jan. 29, 2025

By Anjali Lavania

MUMBAI – Prices of mustard were steady while those of groundnut rose in major markets across the country, traders said. Soybean prices fell in Indore in Madhya Pradesh, they said. According to market participants, soybean prices are expected to fall further due to an increase in soyoil imports and weak demand for Indian soymeal globally.  

Prices of SOYBEAN in Indore, Madhya Pradesh, fell by INR 150 to INR 3,800-INR 4,200 per 100 kg, said Shailendra Soni, a local trader. Arrivals were down by 900 bags to 2,500 bags, (1 bag = 90 kg) from Tuesday, Soni added. "Poor global and international demand for Indian soymeal globally, and abundance of soyoil imports are affecting soybean prices negatively," he said. Crude soyoil imports during December increased to 420,651 tonnes from 152,650 tonnes a year ago. Crude soyoil imports during Nov-Dec, rose to 828,299 tonnes from 302,544 tonnes a year ago, according to data from the Solvent Extractors' Association of India. 

Also, despite the record procurement of soybeans by government agencies, prices are not expected to rise in markets due to the presence of dried distillers grains with solubles, or DDGS, which has already weakened the demand for soymeal, he said. 

According to Indrajit Paul, head of research at Agro International, government agencies like the National Agricultural Cooperative Marketing Federation of India and the National Co-operative Consumers' Federation of India Ltd. purchased a record 1.63 million tonnes till Jan. 24, which can reach 1.7 million tonnes too. 

GROUNDNUT prices in Gondal, Gujarat, rose by INR 100 to INR 5,250-INR 6,600 per 100 kg, said Ashok Virvani, a local trader. "Prices of groundnut rose on Wednesday due to arrivals of nabar-66 variety, which is usually preferred by millers," he said. However, delayed procurement by government agencies may lead to a fall in prices of the oilseed in the long term, he added. 

National Agricultural Cooperative Marketing Federation of India Ltd. procured 726,323.91 tonnes of groundnut, which is nearly 35% of the total sanctioned quantity of 2.05 million tonnes till Jan. 14, according to data by the central procurement agency. The Centre has allowed Gujarat, Karnataka, Rajasthan, Haryana, Andhra Pradesh, and Uttar Pradesh to procure groundnut at a minimum support price of INR 6,783 per 100 kg. However, the procurement started only in Gujarat, Rajasthan, and Uttar Pradesh with minimal purchases.

In Gujarat, 524,740.96 tonnes were procured, which is nearly 40% of the sanctioned quantity of 1.31 million tonnes. In Rajasthan, 150,483.65 tonnes of the sanctioned quantity of 531,828 tonnes was purchased, according to the data.

Prices of MUSTARD were steady at INR 6,125-INR 6,150 per 100 kg, according to Marudhar Trading Agency. Arrivals in Jaipur were down by 20,000 bags at 75,000 bags. Similarly, arrivals across the country were down by 35,000 bags to 165,000 bags, the agency said. "Improvement in mustard prices will be a rare phenomenon in the near term due to poor demand for Indian rapeseed meal in the global market and also due to limited demand by millers," said Mahesh Sameriya, a trader from Rajasthan. 

End

Edited by Akul Nishant Akhoury

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