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Informist, Thursday, Feb. 13, 2025

By Shreya Shetty

MUMBAI – Prices of all the oilseeds were unchanged in key spot markets across the country Thursday, traders said. Prices of soybean are expected to be bearish in the long term due to high soyoil imports, they said. Prices of mustard could come under pressure of rising rabi crop arrivals in the short term, they said. Prices of groundnut are likely to fall in the long term amid a bumper domestic crop, and low demand for the same by exporters, they said.

SOYBEAN prices in Indore, Madhya Pradesh, were steady at INR 3,800-INR 4,250 per 100 kg, Narendra Porwal, a local trader, said. Arrivals were steady at 3,200 bags (1 bag = 90 kg), he said. Prices of soybean in Kota, Rajasthan, were also steady at INR 4,250 per 100 kg, with arrivals steady at 13,000 bags (1 bag = 90 kg), local trader Mahesh Sameriya said.

"Soybean prices improved a bit this week following the international prices, but this gain is temporary," Porwal said. In the long term, the trend of soybean prices is expected to be bearish due to huge imports of soyoil and poor procurement by the government, he added. Crude soyoil imports in 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 government procured 1.47 million tonnes of soybean, which is 43.6% of the sanctioned quantity, according to data released by the National Agricultural Cooperative Marketing Federation of India. The Centre has allowed six states--Karnataka, Telangana, Madhya Pradesh, Maharashtra, Rajasthan, and Gujarat--to procure soybean from farmers at a minimum support price of INR 4,892 per 100 kg for 2024-25.

Prices of MUSTARD in Jaipur, Rajasthan, were steady at INR 6,225-INR 6,250 per 100 kg, Marudhar Trading Agency said. Mustard prices in Kota rose by INR 50 from Wednesday to INR 5,550 per 100 kg, Sameriya said.

Arrivals of mustard in Rajasthan rose by 5,000 to 70,000 bags (1 bag = 50 kg), the agency said. Arrivals in Kota alone rose by 1,000 bags to 9,000 bags, Sameriya said. Arrivals across India rose by 30,000 bags to 255,000 bags, the agency said. Of this, arrival of the new crop rose by 10,000 bags to 85,000 bags, the agency said.

"Mustard prices have been under pressure this week due to abundant arrivals of new crops," Sameriya said. In the medium term, prices are expected to remain subdued and in the range of INR 6,200-INR 6,500 per 100 kg, he added.

GROUNDUT prices in Gondal, Gujarat, were steady at INR 5,400-INR 6,750 per 100 kg, Ashok Virvani, a local trader, said. "Due to expectations of a bumper groundnut harvest and sluggish demand for Indian groundnut in the global market, prices of the oilseed are expected to fall in the long term," Virvani said. In the global market, exporters prefer groundnut from China and Africa over Indian groundnut as the former are cheaper, he said.

The area sown under groundnut in the ongoing rabi season was up 6.7% at 365,000 hectares, according to data released by the Department of Agriculture and Farmer's Welfare on Feb. 3.

End

With inputs from Anjali Lavania

Edited by Ashish Shirke

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