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Informist, Thursday, Feb. 6, 2025

By J. Navya Sruthi

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

SOYBEAN prices were down INR 50 at INR 3,050-INR 4,150 per 100 kg in Indore, Madhya Pradesh, Narendra Porwal, a local trader, said. Some better variety seeds are being sold at INR 3,800-INR 4,150 per 100 kg.

"The overall trend appears to be bearish due to poor demand for Indian soymeal globally and domestically," said Shailendra Soni, a local trader from Madhya Pradesh. Soymeal is gradually being replaced by dried distillers grain solubles, or DDGS, he added. Demand is slow for soybean currently, he said.

Prices of MUSTARD in Jaipur, Rajasthan, remained steady from the previous day at INR 6,125-INR 6,150 per 100 kg, traders said. "Mustard prices have been steady for three or four days," Mahesh Sameriya, a local trader from Rajasthan, said. Arrivals, including the old and the new varities, have been coming in large quantities which is preventing prices from increasing, he added. Arrivals in Rajasthan were also unchanged at 80,000 bags (1 bag = 50 kg), while those across India were up 15,000 bags at 215,000 bags. 

GROUNDNUT prices in Gondal, 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. However, delayed government procurement is not helping prices to increase, Virani said. 

Further, prospects of higher production may also bring down prices in the near term, traders 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 Tanima Banerjee

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