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Informist, Tuesday, Apr. 22, 2025

By J. Navya Sruthi

MUMBAI - Prices of soybean were down in key markets on Tuesday due to poor demand for the meal, traders said. However, prices of groundnut and mustard were steady from the previous day due to lack of cues, traders said. 

SOYBEAN prices in Indore, Madhya Pradesh, were down INR 100-INR 150 at INR 4,200-INR 4,450 per 100 kg, said Shailendra Soni, a local trader. "Soybean prices are usually meal-driven. Domestic and international demand is very poor for Indian soymeal currently, which is affecting oilseed prices," Soni said.

Lower demand for the meal has left abundant stock in domestic markets, traders said. According to data from the Soybean Processors Association of India, India's soymeal exports fell 8% on year to 162,000 tonnes in March, and those during Oct-Mar fell to 1.1 million tonnes from 1.3 million tonnes in the year-ago period. 

Prices of MUSTARD seed were steady from the previous day at INR 6,275-INR 6,300 per 100 kg in Jaipur, Rajasthan, according to Marudhar Trading Agency. Arrivals across India were down 25,000 bags at 725,000 bags (1 bag = 50 kg).

"During April and May, there are usually high arrivals all over India," said Mahesh Sameriya, a trader in Rajasthan. Abundant supply in domestic markets, coupled with lower procurement by the government, is affecting mustard prices. Prices have been hovering around INR 6,200- INR 6,400 since last week, he added.

So far, the government has bought 864.7 tonnes of mustard, or 0.06% of the total 1.5 million tonnes it aims to buy during the rabi marketing season 2025-26 (Apr-Mar) under the price support scheme.

GROUNDNUT prices in Gondal, Gujarat, were also steady at INR 4,000-INR 5,550 per 100 kg, said local trader Ashok Virvani. Prices of better-quality groundnut were at INR 4,500-INR 5,800 per 100 kg in markets such as Saurashtra, Gondal, and Rajkot. "Groundnut prices are expected to remain low in the long-term due to high production estimates and poor demand for oilseed domestically and internationally," Virvani said.

Groundnut prices have been in this range, which is below the minimum support price of INR 6,783 per 100 kg, for more than a month. The government has bought 70.5% of the total 2.05 million tonnes, or 1.40 million tonnes, of the groundnut grown during the kharif season in crop year 2024-25 (Jul-Jun).

End

With inputs from Anjali Lavania

Edited by Avishek Dutta

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