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Informist, Wednesday, Jun. 25, 2025

By J. Navya Sruthi

MUMBAI – Soybean prices rose slightly in key markets on Wednesday due to firm demand at lower level, traders said. However, prices of mustard and groundnut remained steady from the previous day due to lack of new cues, they said.

SOYBEAN prices in Gondal were up by INR 100 at INR 3,800–INR 4,100 per 100 kilograms due to firm demand at lower level, said a local trader Ashok Virvani. While there is a slight rebound in soybean prices, these are likely to move downwards over the next three to four months, Virvani said. 

Higher production in 2024-25 (Jul-Jun) coupled with increasing imports are weighing on domestic soybean prices. According to the government's third advance estimates, soybean production is estimated at 15.2 million tonnes, higher than 13.1 million tonnes a year ago.

GROUNDNUT prices in Gondal, Gujarat, were largely steady from the previous day at INR 4,500-INR 5,700 per 100 kg, Virvani said. According to traders, groundnut prices are likely to fall in the medium term due to weak demand amid increasing availability of cheaper imported palm oil, which is commonly used as a substitute for groundnut oil in cooking.

The government, on May 30, slashed the basic import duty on crude edible oils--palm, soybean, and sunflower--to 10% from 20%, effectively reducing the total import duty to 16.5% from 27.5%. With increasing imports of palm oil in domestic markets, Rahul Chauhan, director, IGrain, said groundnut prices are likely to fall by 10% from the current level. Moreover, groundnut output in 2024-25 is estimated at 11.9 million tonnes, higher than 10.2 million tonnes in the previous year, which is also weighing on prices, traders said. 

Prices of MUSTARD seed in Jaipur, Rajasthan, were steady from the previous day at INR 6,850-INR 6,875 per 100 kilograms, according to Marudhar Trading Agency. The all-India arrivals of mustard were down at 385,000 bags (1 bag = 50 kg) from 475,000 bags on the previous day, according to traders. Although prices fell Tuesday, market participants expect mustard prices to rise in the near term due to lower production in the recent rabi season and continuous rains in key states which led to lower supply in markets.

Traders expect mustard prices to rise further in the long term, driven by the prospect of lower output. The government's third advance estimates peg mustard seed production for the crop year 2024–25 at 12.6 million tonnes, down from 13.3 million tonnes in the previous year. Rahul Chauhan, director, IGrain, said mustard prices are likely to rise by INR 100-INR 200 per 100 kg in the near term.

End

With inputs from Taniva Singha Roy

Edited by Akul Nishant Akhoury

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