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Informist, Friday, Mar. 7, 2025

By Anjali Lavania

MUMBAI –  Prices of all oilseeds including the three major ones--mustard, groundnut and soybean--were steady in Jaipur, Gondal, and Indore, said traders. Due to the sluggish demand for Indian soymeal in global markets, prices are expected to fall in the long-term, they added. 

MUSTARD seed prices were steady at INR 6,150-INR 6,175 per 100 kg in Jaipur, Rajasthan, a trader from Marudhar Trading Agency said. Mustard arrivals all over India increased by 50,000 bags to 850,000 bags (1 bag = 50 kg), according to data by the agency. "The ongoing arrivals of new mustard crop in various mandis across the country, is putting a pressure on prices," he said. However, temporary and short-lived improvement is possible in the coming week due to the upcoming festival Holi, he added. 

SOYBEAN prices were steady in the range of INR 3,600-INR 4,100 per 100 kg in Indore, Madhya Pradesh, with arrivals being increased by 100 bags to 4,300 bags (1 bag = 90 kg), Narendra Porwal, a local trader, said. "Poor demand for Indian soymeals globally is affecting domestic prices of soybean," he said. 

The National Agricultural Cooperative Marketing Federation has started selling soybeans procured during the 2023-24 (Oct-Sept) kharif marketing season, but due to weak demand, tenders across several states have been canceled, according to a report by IGrain India. Karnataka is the only state that has seen successful bids where soybean was sold in the range of INR 4,151-INR 4,161 per 100 kg at the auction held on Monday, the report said. In most of the other states, the tenders were canceled due to low bid prices, it said.

As of Mar. 3, the agency procured 1.47 million tonnes soybean, or 43.5% of the total sanctioned quantity of 3.38 million tonnes in the 2024-25 (Oct-Sept) kharif marketing season. The Centre has allowed seven states--Karnataka, Telangana, Madhya Pradesh, Maharashtra, Rajasthan, Chhattisgarh, and Gujarat--to procure soybean from farmers at a minimum support price of INR 4,892 per 100 kg for 2024-25.

GROUNDNUT prices in the Gondal market were steady in the range of INR 4,700-INR 6,100 per 100 kg, said Ashok Virvani, a local trader. "Due to lack of continous buying by millers, along with poor demand for groundnut and groundnut oil both domestically and internationally is affecting the oilseed prices negatively," he said.

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