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Informist, Monday, Feb. 10, 2025

By J. Navya Sruthi

MUMBAI – Prices of mustard fell in Rajasthan's Jaipur market on Monday due to higher arrivals, traders said. Prices of soybean and groundnut were steady in key spot markets with a slight downward bias, traders said. 

Prices of MUSTARD in Jaipur fell INR 50 at INR 6,125-INR 6,150 per 100 kg, traders said. Arrivals in Rajasthan were up by 20,000 bags from Saturday at 85,000 bags (1 bag = 50 kg), and those across India were up 85,000 bags at 250,000 bags. 

"Arrivals of new mustard crops in the markets with high moisture content is weighing down on oilseed prices," said Mahesh Sameriya, a trader from Rajasthan. Also, winter and wedding demand is almost over resulting in lower purchases by millers, he said. 

GROUNDNUT prices at Gondal in Gujarat were steady at INR 5,350-INR 6,700 per 100 kg, said Ashok Virvani, a local trader. Government procurement has almost ended in Gujarat and it has not helped in improving the prices much, he said. Weak export demand is a constant factor now, which is preventing prices from rising beyond the INR 6,750 (per 100 kg) level, he said. 

SOYBEAN prices were steady at INR 3,700-INR 4,150 per 100 kg in Indore in Madhya Pradesh. Muted global demand for Indian soymeal and rising soyoil imports are not letting domestic soybean prices rise, Shailendra Soni, a trader from Indore, said.

Soybean prices remained below the minimum support price of INR 4,892 per 100 kg due to the 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.

The government has procured 978,583 tonnes of soybean so far during 2024-25 (Oct-Sept) at the minimum support price against the target of 3.38 million tonnes. 

The Solvent Extractors' Association of India Monday said the massive inflow of refined soybean oil and palm oil imports from Nepal under the South Asian Free Trade Area agreement was hurting domestic refiners and farmers. The association urged the government to find a balanced solution that honours South Asian Free Trade Area agreement commitments while protecting the domestic edible oil sector.

End

With inputs from Anjali Lavania

Edited by Saji George Titus

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