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Informist, Friday, Feb. 14, 2025

By Shreya Shetty

MUMBAI – Prices of mustard and groundnut rose in key spot markets of the country on Friday while prices of soybean were unchanged, traders said. Prices of soybean are expected to remain subdued in the long term due to high soyoil imports and low soymeal exports, they said. Prices of mustard are likely to be bullish in the long term due to expectations of low harvest this year, they said. Prices of groundnut are supported by the government's procurement, 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 in Indore rose by 100 bags (1 bag = 90 kg) to 3,300 bags, he said. Prices in Kota, Rajasthan, fell by INR 50 from Thursday to INR 4,200 per 100 kg, while arrivals fell by 3,000 bags to 13,000 bags, Mahesh Sameriya, a local trader said.

"With sluggish demand for Indian soymeal in the global market and huge imports of soyoil, domestic soybean prices are expected to remain subdued in the long term," Sameriya said. India's soymeal exports rose 1.1% on year and 0.3% on month to 278,000 tonnes in January, the Soybean Processors Association of India said in a release Thursday. However, soymeal exports in the first four months of the oilseeds year 2024-25 (Oct-Sept) fell to 796,000 tonnes from 934,000 tonnes a year ago, the association said.

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. 

Prices of MUSTARD in Jaipur, Rajasthan, rose by INR 50 from Thursday to INR 6,275-INR 6,300 per 100 kg, Muradhar Trading Agency said. On the other hand, prices in Kota were down by INR 100 from Thursday to INR 5,450 per 100 kg Sameriya said. 

Arrivals of mustard in Rajasthan fell by 5,000 to 65,000 bags (1 bag = 50 kg), the agency said. Arrivals in Kota rose by 1,000 bags to 9,000 bags, Sameriya said. Arrivals across India fell by 5,000 bags to 250,000 bags, the agency said. Of this, arrival of the new crop rose by 5,000 bags to 90,000 bags, the agency said.

"Mustard prices have gained a bit on Friday, but this appears to be temporary as there is an abundance of new crop arrivals across India," Sameriya said. However, in the long term, prices are expected to be bullish due to expectations of less mustard harvest this year compared to previous year, he added.

As of Feb. 3, mustard acreage in the ongoing rabi season was 8.93 million hectares, down 2.8% from a year ago, according to data from the Department of Agriculture and Farmer's Welfare.

GROUNDUT prices in Gondal, Gujarat, rose by INR 100 from Thursday to INR 5,500-INR 6,750 per 100 kg, Ashok Virvani, a local trader, said. "Groundnut prices gained some support from the recent procurement," he said. The government's procurement activities may end on Friday, he said. "Most varieties of the oilseed have been procured by the government, so less arrivals are expected in the near-term in various markets in Gujarat," he said.

End

With inputs from Anjali Lavania

Edited by Ashish Shirke

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