India Edible Oil
Most down; mustard up on firm demand for oil-rich arrivals
This story was originally published at 17:43 IST on 3 February 2025
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By Afra Abubacker
NEW DELHI – Mustard prices rose in major markets on Monday amid firm demand for oil-rich arrivals as preferred by millers, while soybean and groundnut rates remained steady, traders said.
Prices of MUSTARD seed were up by INR 100 at INR 6,125-INR 6,150 per 100 kg, according to Marudhar Trading Agency. Arrivals in the state were 85,000 bags (1 bag = 50 kg), unchanged from the previous day. Arrivals across the country increased by 60,000 bags to 225,000 bags, the agency said.
"Mustard prices rose due to arrivals of millers-preferred-seed variety with 42% oil content," said Mahesh Sameriya, a trader from Rajasthan. Seeds containing a higher percentage of oil increase millers' yield. Additionally, new mustard crop arrivals have started in a few markets in Rajasthan, he added.
Mustard prices are likely to be supported amid lower production. As of Jan. 27, mustard acreage was 8.93 million hectares, down 4.7% from a year ago, according to data from the Department of Agriculture and Farmers' Welfare.
Prices of SOYBEAN in Indore, Madhya Pradesh, were steady at INR 3,800-INR 4,200 per 100 kg, said Shailendra Soni, a local trader. Weak export demand for soymeal and availability of huge imported soyoil are likely to put pressure on soybean prices, he added.
"Soybean crushing activities have reduced amid weak soymeal exports. This decline is compounded by rising import levels of soybean oil, which have further diminished the profitability of local soybean crushing operations," Soni said.
GROUNDNUT prices in Gondal, Gujarat, were steady at INR 5,250-INR 6,600 per 100 kg, said Ashok Virvani, a local trader. Groundnut prices are likely to fall in the long term with poor quality seed, limited domestic demand, and sluggish exports, Dilipbhai Ramani, a local trader, said.
Expectations of bumper production are further pressuring prices, traders said. Groundnut production for the 2024-25 season is projected to reach a record 10.36 million tonnes, a significant increase from 8.67 million tonnes last year, farm department data showed.
COMMODITY | MARKET | PRICE (INR/100 kg) | CHANGE (in INR) |
Mustard | Jaipur | 6,125-6,150 | 100 |
Soybean | Indore | 3,800-4,200 | -- |
Groundnut | Gondal | 5,250-6,600 | -- |
With inputs from Anjali Lavania
Edited by Akul Nishant Akhoury
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