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Informist, Friday, Feb. 7, 2025

By J. Navya Sruthi

MUMBAI – Prices of mustard were slightly down Friday due to increasing arrivals, while those of groundnut rose on the back of support from government procurement, traders said. Prices of soybean remained steady with a slight downward bias, traders said. 

Prices of MUSTARD in Jaipur, Rajasthan, were down by INR 25 at INR 6,100-INR 6,125 per 100 kg, traders said. Arrivals, including the old and new varieties, have been coming in large quantities, which is preventing prices from rising, they added. Arrivals in Rajasthan were up by 5,000 bags from the previous day at 85,000 bags (1 bag = 50 kg), and those across India were up 10,000 bags at 225,000 bags. 

"Availability of mustard seeds has increased in local markets with new crops coming in," said Mahesh Sameriya, a trader from Rajasthan. Moreover, sluggish global demand for Indian rapeseed meal has led to a fall in mustard prices in local markets, he said.

GROUNDNUT prices in Gondal, Gujarat, were up by INR 100 at INR 5,350-INR 6,700 per 100 kg due to the government's procurement programme, said Ashok Virvani, a local trader. "Most probably, government procurement of groundnut will end on Saturday," said Virvani. Procurement has helped prices to improve a bit and also, due to the good variety of arrivals on Thursday of "nabar-66 and bold kernel", groundnut rose on Friday, he added. 

SOYBEAN prices were steady at INR 3,700-INR 4,150 per 100 kg in Indore, Madhya Pradesh. However, traders expect soyoil imports to increase further in the near and medium term, local trader Shailendra Soni said. Huge imports of soyoil will weigh on soybean prices, he added. Some good varieties of soybean were priced at INR 3,800-INR 4,150 per 100 kg. 

Soybean prices remained 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 distillers dried grains with solubles were available, traders noted.

However, to support farmers, the government has procured 978,583.32 tonnes of soybean so far during 2024-25 (Oct-Sept) at the minimum support price. The government set a target of 3.38 million tonnes for soybean procurement. 

End

With inputs from Anjali Lavania

Edited by Vandana Hingorani

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