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Informist, Friday, Jun. 27, 2025

By J. Navya Sruthi

MUMBAI – Soybean and mustard prices rose Friday, while those of groudnut were steady from the previous day, traders said. Prices of mustard seed rose on lower production, while soybean prices were higher as arrivals fell from the previous day, they said. Prices of soybean and groundnut were unavailable from the Gondal market in Gujarat as it was shut for "Ashadhi Bij", traders said.

SOYBEAN prices at Ratlam in Madhya Pradesh were up INR 300 from the previous day at INR 3,900-INR 4,300 per 100 kg as arrivals were low, local trader Narendra Porwal said. Arrivals were down 700 bags from the previous day at 3,300 bags (1 bag = 50 kg), he said. Prices of the oilseed in Kota in Rajasthan were steady at INR 4,251 per 100 kg, local trader Mahesh Sameriya said. Arrivals here were up 1,000 bags at 9,000 bags (1 bag = 50 kg), he said.

Traders expect soybean prices to move downwards over the next 3-4 months owing to rising imports and low export demand for soymeal. Higher production in the crop year 2024-25 (Jul-Jun) is also 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.

Prices of MUSTARD seed in Jaipur, Rajasthan, rose INR 50 from the previous day to INR 6,925-INR 6,950 per 100 kg, according to Marudhar Trading Agency. The all-India arrivals of mustard seed were steady from the previous day at 450,000 bags (1 bag = 50 kg), according to traders. Prices rose on lower production in the recent rabi season and continuous rains in key growing states, which led to lower supply in markets.

Traders expect mustard seed 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 2023-24. Rahul Chauhan, director, IGrain, said mustard seed prices are likely to rise INR 100-INR 200 per 100 kg in the near term.

GROUNDNUT prices in Ratlam were steady from the previous day at INR 4,700-INR 6,000 per 100 kg, Porwal said. According to traders, groundnut prices are likely to fall in the medium term on weak demand amid rising availability of cheaper imported palm oil, which is commonly used as a substitute for groundnut oil in cooking.

The government, 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%. Moreover, groundnut output in 2024-25 is estimated at 11.9 million tonnes, higher than 10.2 million tonnes in 2023-24, which is also weighing on prices, traders said. 

End

With inputs from Taniva Singha Roy

Edited by Rajeev Pai

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