India Edible Oil
Most flat; markets in Rajasthan continue to remain closed
This story was originally published at 19:26 IST on 27 February 2025
Register to read our real-time news.Informist, Thursday, Feb. 27, 2025
By Anjali Lavania
MUMBAI – Soybean and groundnut prices were steady in Indore and Gondal, respectively, Thursday, traders said. Mustard prices were unavailable in Jaipur as markets in Rajasthan continue to remain shut because of a traders' protest, they added.
MUSTARD seed prices were unavailable in most of the mandis of Rajasthan as traders and market participants continued their protest, which began Sunday, for the removal of the 'Krishi Kalyan Cess'. The protest has resulted in the closure of most spot markets in the state.
"Rajasthan Food Products Trade Association has submitted a memorandum to the state government, urging immediate action. Mandis like Bhamshah, Barmer, Bharatpur, Jaipur, Kota, and Sumerpur have been closed since Monday," said Mahesh Sameriya, a trader from the state.
In 2016, then Union finance minister Arun Jaitley had introduced the Krishi Kalyan Cess on most agricultural products and services. The tax came into force on Jun. 1, 2016. Revenue collected was intended for agricultural and rural development programmes. However, after the introduction of Goods and Services Tax on Jul. 1, 2017, the Krishi Kalyan Cess was abolished in most states.
"Mandis were expected to reopen on Thursday, but the protests have been extended till Sunday," Sameriya added.
SOYBEAN prices were steady at INR 3,800-INR 4,250 per 100 kg in Indore, Madhya Pradesh, Shailendra Soni, a local trader, said, adding that arrivals were up by 100 bags at 4,100 bags (1 bag = 90 kg). "Indian soymeal is not performing well in the global market and is also priced higher at $380 per tonne compared to around $360 per tonne for Argentina's meal," he said. Hence, soybean prices are expected to fall in the long term too.
GROUNDNUT prices at Gondal in Gujarat were steady at INR 5,000-INR 6,400 per 100 kg, said Ashok Virvani, a local trader. "The oilseed prices are affected by weak export demand for both Indian groundnut and groundnut oil in global markets," he said. Millers are also buying cautiously due to sluggish demand and the poor quality of arrivals in mandis, he said.
COMMODITY | MARKET | PRICE (INR/100 kg) | CHANGE (in INR) |
Mustard | Jaipur | -- | -- |
Soybean | Indore | 3,800-4,250 | -- |
Groundnut | Gondal | 5,000-6,400 | -- |
End
US$1 = INR 106.61
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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