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Informist, Monday, Feb. 17, 2025

By J. Navya Sruthi

MUMBAI – Prices of soybean and mustard were down Monday in key markets in the country, while prices of groundnut were steady from the previous day, traders said. Prices of soybean fell due to lower demand for soymeal and the availability of cheaper substitutes for animal feed. Prices of mustard fell due to an increase in arrivals.

SOYBEAN prices were down INR 50 from the previous day at INR 3,750-INR 4,200 per 100 kg in Indore in Madhya Pradesh, local trader Narendra Porwal said. Arrivals were also down by 200 bags at 3,100 bags (1 bag = 90 kg).

"In the global market soymeal from other countries is available in huge quantities at cheaper prices, as a result, demand for Indian soymeal is less, which in turn is affecting the domestic prices of soybean," Porwal said. Also, soymeal in the poultry industry is being replaced by distilled dried grains with solubles gradually, which is leading to poor demand and slow crushing of soybean, he 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 said.

The government has procured 1.47 million tonnes of soybean so far during 2024-25 (Oct-Sept) at the minimum support price against the target of 3.38 million tonnes. 

Prices of MUSTARD in Jaipur fell INR 50 at INR 6,250-INR 6,275 per 100 kg, traders said. Arrivals in Rajasthan were up by 10,000 bags at 75,000 bags (1 bag = 50 kg), and those across India were up 45,000 bags at 300,000 bags. 

"New mustard rabi crop arrivals are increasing day by day, which is pushing prices down," said Mahesh Sameriya, a trader from Rajasthan. However, prices are expected to increase in the medium term from the current levels as the production this year is expected to be lower compared to last year. As of Feb. 4, mustard acreage was down 2.8% on year at 8.93 million hectares. 

GROUNDNUT prices at Gondal in Gujarat were steady at INR 5,500-INR 6,750 per 100 kg, said Ashok Virvani, a local trader. In the coming days, it is expected that groundnut prices may rise by INR 50-INR 100 per 100 kg as the government has recently procured various varieties of groundnut, hence lesser arrivals are expected, he added.
 

End

With inputs from Anjali Lavania

Edited by Saji George Titus

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