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Informist, Tuesday, Jul. 1, 2025

By J. Navya Sruthi

MUMBAI – Prices of soybean and groundnut were steady Tuesday from the previous day owing to the lack of fresh cues, traders said. Mustard seed prices in Kota, Rajasthan, were not available as the market was shut because of a strike by the state's traders over the Krishi Kalyan cess.

Beginning Tuesday, 247 agricultural markets in Rajasthan are shut till Friday in protest against the policies of the state government, according to local media reports. The state government had said it would start imposing a Krishi Kalyan cess of 1% on traded agricultural products in the state's markets starting Tuesday. Traders have demanded that the government keep the cess at 0.5% for the next three years. Till June, the state government had been postponing implementation of the cess by two months at a time.

SOYBEAN prices in Gondal, Gujarat, were steady from the previous day at INR 3,800-INR 4,100 per 100 kg, local trader Ashok Virvani said. Arrivals were largely unchanged from the previous day at 7,000 bags (1 bag = 100 kg), he said.

Soybean prices are likely to remain range-bound in the near term, traders said. Gaurav Kochar, a trader from Ashok Nagar in Madhya Pradesh, said there is a slight shift in sowing from soybean to maize in the current kharif season. Many farmers are shifting to maize and rice for better returns due to increased demand from ethanol distilleries, he said. As of Jun. 20, the area under soybean was down 2% at 307,000 hectares, data from the Ministry of Agriculture and Farmers Welfare showed.

GROUNDNUT prices in Gondal were steady from the previous day at INR 4,500-5,500 per 100 kg, with arrivals unchanged at 4,530 bags, Virvani said. According to him, groundnut prices are likely to fall in the medium term on weak demand owing to the rising availability of cheaper imported palm oil, commonly used as a substitute for groundnut oil in cooking.

On May 30, the government 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 the crop year 2024-25 (Jul-Jun) 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

Edited by Rajeev Pai

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