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Informist, Wednesday, Mar. 19, 2025

By Anjali Lavania

MUMBAI – Prices of mustard seed and soybean rose slightly on Wednesday in Jaipur and Indore, respectively, traders said. Groundnut prices were steady in Gondal in Gujarat, they said. 

MUSTARD seed prices in Jaipur rose by INR 50 to INR 6,050-INR 6,075 per 100 kg, a trader from Marudhar Trading Agency said. All-India mustard arrivals declined to 1.30 million tonnes (1 bag = 50 kg), according to the agency. "Slight recovery is possible due to the start of the summer season, as more mustard oil is demanded for pickles mostly in north India," he said. Millers may gradually increase their buying activities, but due to the continous increasing arrivals everyday in various spot markets in India, prices may remain under pressure, he said. Government procurement of mustard seeds may further support farmers, he said. 

The National Agricultural Cooperative Marketing Federation procured 12.45 tonnes of mustard in Assam as of Wednesday. The total sanctioned quantity of mustard is 1.5 million tonnes. The Centre has allowed Assam, Gujarat, Madhya Pradesh, Haryana, Chhattisgarh, and Uttar Pradesh to procure groundnut at a minimum support price of INR 5,950 per 100 kg for rabi season 2024-25. Mustard procurement has started only in Assam, and in the other states, it will start from March-end and continue till early May.

SOYBEAN prices in Indore, Madhya Pradesh, rose by INR 50 to INR 3,850-INR 4,150 per 100 kg, with arrivals being steady at 2,500 bags (1 bag = 90 kg), Narendra Porwal, a local trader, said. "Soybean prices rose in domestic markets on Wednesday, tracking prices on Chicago Board of Trade," he added. However, the increasing usage of distillers dried grains with solubles or DDGS for poultry feed is likely to weigh on soybean prices in the long term, he said. "Morever, increasing imports of soyoil may lead to fall in prices in long term," he said.  

Crude soyoil imports during February increased to 283,737 tonnes from 172,936 tonnes a year ago. Crude soyoil imports during Nov-Feb rose to 1.6 million tonnes from 664,339 tonnes in the same period last year, according to data by the Solvent Extractors' Association of India.

GROUNDNUT prices in Gondal, Gujarat, were steady at INR 4,550-INR 6,100 per 100 kg, said Ashok Virvani, a local trader. "No improverment is seen in groundnut prices and it may fall further due to to estimations of bumper kharif crop," he said. Also, there are very few arrivals of nabar-66, which is priced almostly at INR 6,100-INR 6,200 per 100 kg. Nabar-66 is a variety that is mostly preferred by exporters. The production of kharif groundnut is estimated at 10.4 million tonnes compared to 8.7 million tonnes a year ago, according to the government's second advance estimate for 2024-25 (Jul-Jun).  

End

Edited by Avishek Dutta

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