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Informist, Thursday, Jun. 12, 2025

By Taniva Singha Roy

MUMBAI – Prices of edible oils were mixed in key markets on Thursday, with those of soybean falling and groundnut rising slightly, traders said. Prices of mustard were flat. Soybean prices fell as the market sentiment was bearish following the government's decision to halve the basic customs duty on crude edible oils to 10%, they said. There is sluggish demand for most oilseeds and prices are likely to increase only at the time of festivals, they added.

GROUNDNUT prices at Gondal in Gujarat rose by INR 100 to INR 4,700-INR 5,800 per 100 kilograms, with arrivals at 13,500 bags, said Ashok Virvani, a trader from Gujarat. Although the prices rose slightly Thursday the overall sentiment for groundnut is bearish and prices are seen falling or remaining at the current levels during the coming days. There is lower demand for groundnut due to import of palm oil at cheaper rates. Palm oil is generally used as a substitute for groundnut oil in cooking. 

Moreover, there are ample stocks with the government, which were bought from the farmers at the minimum support price. Unless the stock with the government gets exhausted, prices are likely to remain on the lower side, Virvani said. 

Prices of MUSTARD seed at Kota in Rajasthan were steady at INR 4,270-INR 6,200 per 100 kilograms, with arrivals at 17,000, said Mahesh Sameriya, a trader from Rajasthan. Prices are likely to remain largely steady until there is demand for festivals, such as Diwali, traders said. 

In the long term, mustard prices are expected to rise due to likely lower production, according to traders. According to the government's third advance estimates, mustard seed production in crop year 2024-25 (Jul-Jun) is projected at 12.6 million tonnes, down from 13.3 million tonnes a year ago.

SOYBEAN prices in Gondal were down INR 350 to INR 3,800-INR 3,900 per 100 kg. Arrivals were up by 4,900 bags to 18,500 bags, Virvani said. The overall market sentiment is bearish as the Centre has cut the import duty on edible oils. The government had on May 30 cut the basic customs duty on major imported crude edible oils to 10% from 20%. 

Soybean prices at Indore in Madhya Pradesh fell marginally by INR 30 to INR 4,155-INR 4,330 per 100 kg. The arrivals were at 6,100 bags, down 400 bags from the previous day, said Sandeep Sarda, a local trader. Prices are likely to continue to move down for the next three to four months, Virvani said. 

End

Edited by Saji George Titus

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