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Informist, Wednesday, Feb. 19, 2025

By J. Navya Sruthi

MUMBAI – Prices of mustard seed rose Wednesday owing to lower arrivals in domestic markets, while those of groundnut fell on account of poor quality, traders said. Prices of soybean remained unchanged from Tuesday. 

Prices of MUSTARD seed in Jaipur were up INR 75 at INR 6,250-INR 6,275 per 100 kg, traders said. Arrivals in Rajasthan were steady at 75,000 bags (1 bag = 50 kg), and those across India were at 300,000 bags. On Wednesday, new crop arrivals were 35,000 bags more than on Tuesday at 155,000 bags, traders said.

"Mustard prices improved a bit on Wednesday but this is temporary as the new rabi mustard crop is coming to the market," said Mahesh Sameriya, a trader from Rajasthan. With the new crop arrivals round the corner, traders expect mustard seed prices to fall in the short term. But the medium-term outlook for mustard seed is bullish, and is supported by festive demand, he said.

GROUNDNUT prices at Gondal in Gujarat were down INR 150 at INR 5,300-INR 6,700 per 100 kg, said Ashok Virvani, a local trader. "Good varieties of groundnut are mostly procured by the government," Virwani said. "The ones that are available in the local markets lack shine, and are small in size with less oil content, usually not preferred by millers. Exporters also reject them." In the long term, too, a bearish trend is expected in groundnut prices due to expectations of bumper crop production this year, he said.

SOYBEAN prices were steady from the previous day at INR 3,700-INR 4,150 per 100 kg in Indore, Madhya Pradesh, Shailendra Soni, a local trader, said. Arrivals were up by 100 bags (1 bag = 90 kg) at 3,600 bags, Soni added.

"Prices are not getting better and they are still below the minimum support price of INR 4,982," he said. India is also importing cheaper soyoil from Nepal, which is affecting the domestic prices of soybean negatively, he added. Indian soymeal is also performing poorly in  the global markets, he said.

Exports of soymeal in January fell to 286,287 tonnes from 375,360 million tonnes a year ago, according to data released by The Solvent Extractors' Association of India.

End

With inputs from Anjali Lavania

Edited by Rajeev Pai

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