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Informist, Wednesday, Feb. 12, 2025

By Shreya Shetty

MUMBAI – Prices of oilseeds rose in key spot markets across the country, traders said. Prices of soybean rose tracking an increase in international soyoil prices on the Chicago Board of Trade and other exchanges, they said. Prices of mustard rose due to low arrivals of good quality oilseed, while prices of groundnut were supported by the government's procurement, they said.

SOYBEAN prices in Indore, Madhya Pradesh, rose by INR 100 from Tuesday to INR 3,800-INR 4,250 per 100 kg, Narendra Porwal, a local trader said. Some medium quality variety of the oilseed was sold in the range of INR 3,800-INR 4,100 per 100 kg, he added. Prices of soybean in Kota, Rajasthan, rose by INR 50 from Tuesday to INR 4,250 per 100 kg, with arrivals up by 1,000 bags to 13,000 bags (1 bag = 50 kg), Mahesh Sameriya, a local trader, said.

"International soyoil prices rose on Tuesday on CBOT and other exchanges, and following that, domestic soybean prices improved a bit on Tuesday," said Porwal. However, the gain in soybean prices is limited by huge imports of soyoil by the country in January, Porwal added. Crude soyoil imports during January increased to 444,026 tonnes from 188,859 tonnes a year ago, according to data released by the Solvent Extractors' Association of India on Tuesday.

The global soybean production estimate has been brought down to 420.76 million tonnes from 424.26 million tonnes in the previous month, the US Department of Agriculture said in its World Agricultural Supply and Demand Estimates report for February. Brazilian soybean production is unchanged at 169.00 million tonnes. The soybean output estimate in Argentina has been lowered to 49.00 million tonnes from 52.00 million tonnes in January, while that in Paraguay has also been reduced to 10.70 million tonnes from 11.20 million tonnes last month, the department said.

Prices of MUSTARD in Jaipur, Rajasthan, rose by INR 50 from Tuesday to INR 6,225-INR 6,250 per 100 kg, Marudhar Trading Agency said. Mustard prices in Kota were steady at INR 5,500 prt 100 kg, Sameriya said. 

Arrivals of mustard in Rajasthan fell by 15,000 to 65,000 bags (1 bag = 50 kg), while arrivals of the new crop across India fell by 25,000 bags to 225,000 bags, the agency said. Arrivals in Kota fell by 2,000 bags to 8,000 bags, Sameriya said.

"Prices have improved a bit due to less arrivals of good variety oilseeds with oil content more than 42%," said a trader from Marudhar Trading Agency, who does not want to be named, said. Mustard oilseeds with oil content more than 42% are considered to be better quality seeds.

GROUNDNUT prices in Gondal, Gujarat, rose by INR 50 from Tuesday to INR 5,400-INR 6,750 per 100 kg, Ashok Virvani, a local trader said. "Recent government procurement is supporting prices," he said. Procurement will most probably end by Feb. 15, he said. As of Tuesday, the National Agricultural Cooperative Marketing Federation of India has procurred 1.47 million tonnes of the Centre-sanctioned quantity of 3.4 million tonnes, according to the federation.

End

With inputs from Anjali Lavania

Edited by Deepshikha Bhardwaj

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