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Informist, Wednesday, Feb. 5, 2025

By J. Navya Sruthi

MUMBAI – Prices of mustard, soybean, and groundnut were steady in key markets across India, traders said. Mustard traders expect prices to fall in the near term with arrivals round the corner and sluggish demand for Indian rapeseed meal. Traders also see soybean prices falling further due to the availability of substitutes and sluggish export demand.

Prices of MUSTARD in Jaipur, Rajasthan, remained steady from the previous day at INR 6,125-INR 6,150 per 100 kg, traders said. Arrivals in Rajasthan were also unchanged at 80,000 bags (1 bag = 50 kg) while those across India were down by 15,000 bags at 200,000 bags. 

"Prices may fall in the near term as the new crops of mustard have started arriving in various markets across India," said Mahesh Sameriya, a trader from Rajasthan. These crops are mostly not preferred by millers as they have high moisture content, he said, adding this may also pull down prices.

However, in the medium term, mustard prices are seen 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.

SOYBEAN prices remained steady at INR 3,800-INR 4,200 per 100 kg at Indore in Madhya Pradesh, local trader Narendra Porwal said. "Some good varieties ranged from INR 3,800-INR 4,275 per 100 kg," the trader added. 

Although prices are currently steady, they are way below the minimum support price of INR 4,892 per 100 kg due to high moisture content in the seed and the availability of cheaper substitutes. Despite record procurement, prices stayed below the minimum support price, as cheaper substitutes like distiller's dried grains with solubles were available, traders noted.

"Sluggish soymeal (export) demand and huge soyoil imports have led to a fall in the domestic prices of the legume," said Shailendra Soni, another trader from the state.

GROUNDNUT prices at Gondal in Gujarat were steady at INR 5,250-INR 6,600 per 100 kg, said Ashok Virvani, a local trader. Prices have been steady for a week, he said. If the export demand continues to be poor, chances are that prices may go down from current levels, he said.

Prospects of higher production may also bring down prices in the near term, Virvani added. 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 Subhojit Sarkar

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