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Informist, Friday, Feb. 21, 2025

By J. Navya Sruthi

MUMBAI – Prices of mustard rose Friday due to firm demand, while those of soybean increased taking cues from international markets, traders said. Mustard traders expect prices to rise further in coming days due to festival demand. However, prices of groundnut were down in key markets on sluggish demand, according to traders. 

Prices of MUSTARD seed in Jaipur were up INR 25 at INR 6,325-INR 6,350 per 100 kg, Marudhar Trading Agency said. Arrivals in Rajasthan were steady at 70,000 bags (1 bag = 50 kg), and those across India were up by 10,000 bags at 350,000 bags. On Friday, arrivals of new mustard seed were 15,000 bags more than on Thursday at 200,000 bags, traders said. 

"Demand by millers has improved for the upcoming festivals in March," said Mahesh Sameriya, a trader from Rajasthan, adding mustard prices are likely to rise by INR 100-INR 150 per 100 kg further in the coming week. However, new crop arrivals with high moisture content may limit gains in the oilseed prices, he added.

SOYBEAN prices were up INR 150 at INR 3,800-INR 4,250 per 100 kg in Indore, Madhya Pradesh, Shailendra Soni, a local trader, said, adding arrivals also rose by 100 bags to 3,700 bags (1 bag = 90 kg). "The prices on soybean on the Chicago Board of Trade have gained due to Argentina's bad climate which is affecting soybean harvest," Soni said. Following the international prices, domestic prices are also gained on Friday but this is a temporary change as Indian soymeal is not performing well in global markets, he said.

The International Grains Council said in its grain market report, 2024-25 global soyabean output is predicted to rise 5% on year to 418 million tonnes, tied to bigger crops in the US and Brazil. "With gains spanning feed, food and industrial segments, record processing is anticipated," the council said. Carryover stocks have been estimated at 82 million tonnes, down from the previous projection of 84 million tonnes, but 11% higher than last year. The projection for trade has been left unchanged at 180 million tonnes, up 1% on year.

GROUNDNUT prices at Gondal in Gujarat were down by INR 200 at INR 5,100-INR 6,500 per 100 kg, said Ashok Virvani, a local trader. "Sluggish demand and limited buying from the millers as exporters demand for groundnut and groundnut oil hasn't been good, has led to a decrease in groundnut prices," he said. Moreover, in the long-term too, groundnut prices are expected to fall further due to bumper crop production expectations, he added.

Groundnut production for the 2024-25 season is projected to reach a record 10.36 million tonnes, a significant rise from 8.67 million tonnes last year, according to the Department of Agriculture and Farmers Welfare.

End

With inputs from Anjali Lavania

Edited by Deepshikha Bhardwaj

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