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Informist, Thursday, Apr. 24, 2025

By J. Navya Sruthi

MUMBAI – Soybean prices fell marginally on Thursday due to poor demand, traders said. Prices of groundnut rose slightly while those of mustard remained unchanged from the previous day, according to traders.  

SOYBEAN prices in Indore were down by INR 150 to INR 4,000-INR 4,400 per 100 kilogram, said Shailendra Soni, a local trader. Arrivals were down by 700 bags to 4,000 bags (1 bag = 90 kg), he said. Poor quality soybean is being sold at INR 3,800 per 100 kg, Soni said. 

"There is poor demand for soybean due to high imports of soyoil, which has led to less crushing by millers. They are buying cautiously," he said. Moreover, with the government also selling its stocks in markets from Wednesday, prices of oilseed will hardly see any improvement in the near term, Soni added.

GROUNDNUT prices in Gondal, Gujarat, rose by INR 100 to INR 4,100-INR 5,650 per 100 kg, said Ashok Virvani, a local trader. "This is a very slow improvement, and it won't make any difference," he said. With rising temperatures in Gujarat, farmers are not eager to bring their stocks to markets. Millers are buying as per requirement and avoiding bulk buying as there is poor demand for groundnut and groundnut oil both domestically and internationally, he said. 

"The summer groundnut crop will get ready after 40 days from now, but the sowing has been very little," Virvani added. According to data released by the agriculture ministry, the area under groundnut rose to 431,000 hectares from 411,000 hectares last year.

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 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).

Prices of MUSTARD seed remained steady from the previous day at INR 6,325-INR 6,350 per 100 kg in Jaipur, Rajasthan, according to Marudhar Trading Agency. Arrivals across India were also steady at 700,000 bags (1 bag = 50 kg).

"This price range of INR 6,200-INR 6,400 has been prevalent for a month," said Mahesh Sameriya, a local trader from Rajasthan. Any improvement that happens is usually short-lived. Hence, prices are expected to be near INR 6,250-INR 6,550 in May. No major improvement is expected as arrivals pressure prevails, he said.

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 2025-26 rabi marketing season under the price support scheme. The minimum support price of mustard for the current season is INR 5,950 per 100 kg. 

End

With inputs from Anjali Lavania

Edited by Subhojit Sarkar

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