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Informist, Tuesday, Feb. 4, 2025

By J. Navya Sruthi

MUMBAI – Prices of mustard, soybean, and groundnut were steady in key markets in the country, traders said. Mustard traders expect prices to fall in the near-term with arrivals round the corner and sluggish demand for Indian rapeseed meal. 

Prices of MUSTARD in Rajasthan's Jaipur were steady from the previous day at INR 6,125-INR 6,150 per 100 kg, traders said. Arrivals in Rajasthan were down by 5,000 bags at 80,000 bags (1 bag = 50 kg), while those across India were down by 10,000 bags at 215,000 bags. 

"Limited demand by the millers amid sluggish demand for Indian rapeseed meal globally, is affecting the prices negatively," said Mahesh Sameriya, a Rajasthan-based trader. Additionally, new mustard crop arrivals have started in a few markets in Rajasthan, which will also weigh on prices, he added.

However, in the medium-term, mustard prices are expected to rise due to expectations of lower production this year, Sameriya said. According to data from the Department of Agriculture and Farmers' Welfare, mustard acreage as of Friday was 2.8% lower on year at 8.93 million hectares.

Prices of SOYBEAN remained steady at INR 3,800-INR 4,200 per 100 kg in Indore in Madhya Pradesh, local trader Narendra Porwal said. "Despite record procurement, prices are below minimum support price, due to availability of substitutes like dried distilled solubles of grains or DDGS, which are cheaper than soymeal," Shailendra Soni, another trader from the state said. These substitutes are ultimately weighing on soybean prices, he said. Weak export demand for soymeal and the availability of imported soyoil are likely to put pressure on prices, he added. 

GROUNDNUT prices at Gondal in Gujarat were steady at INR 5,250-INR 6,600 per 100 kg, said Ashok Virvani, a local trader. Sluggish export demand and estimation of high production may bring down prices in the near term, Virvani said. Due to huge input costs and lower returns, farmers may shift to other crops in the long-term, he said.

As of Friday, groundnut was sown over 365,000 hectares, up 6.7% on year, the data from the agricultural ministry showed. 

End

With inputs from Anjali Lavania

Edited by Saji George Titus

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