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Informist, Thursday, Mar. 20, 2025

By Anjali Lavania

MUMBAI – Prices of mustard seed rose slightly on Thursday in Jaipur, traders said. Soybean and groundnut prices remained steady in Indore and Gondal, Gujarat, respectively, they said.  

MUSTARD seed prices in Jaipur rose by INR 50 to INR 6,100-INR 6,125 per 100 kg, a trader from Marudhar Trading Agency said. All-India mustard arrivals increased to 1.4 million tonnes, according to the agency. Mustard arrivals were around 1.3 million tonnes Wednesday across the country. "Due to the start of the summer season and more demand for mustard oil for pickles, oilseed prices gained a bit," he said. However, increasing arrivals everyday may limit the price rise, the trader said. Government procurement of new mustard crops may start from Apr. 10 in Rajasthan, he added. 

SOYBEAN prices in Indore, Madhya Pradesh, were steady at INR 3,850-INR 4,150 per 100 kg, with arrivals increasing by 500 bags to 3,000 bags (1 bag = 90 kg), Narendra Porwal, a local trader, said. "The availability of distillers dried grains with solubles or DDGS as cheaper substitutes in feed industry, along with huge soyoil imports are weighing down on soybean prices," he said.  

Even though prices of soybean have stayed steady over the past week, they remain significantly lower than the minimum support price of INR 4,892 per 100 kg. Excess supply of soybean in markets, weak demand for soymeal, and availability of cheaper substitutes like DDGS may keep soybean prices from rising in the long term, market participants said. Demand from the feed industry is weak as it is shifting towards cheaper DDGS from soymeal, thereby creating pressure on oilseed prices. DDGS is a by-product of ethanol produced from grains and maize and is cheaper than soymeal, hence it is preferred by the feed industry.

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. "Groudnut market is stagnant despite low prices," he said. Factors such as weak export and domestic demand, poor quality of arrivals, and bumper crop estimations may lead to fall in groundnut prices in long term, he said. The production of kharif groundnut is estimated at 10.4 million tonnes compared with 8.7 million tonnes a year ago, according to the government's second advance estimate for 2024-25 (Jul-Jun).  

End

Edited by Subhojit Sarkar

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