Informist, Monday, Feb 5, 2024
By Anjali Lavania
MUMBAI – Spot prices of mustard seed and soybean were steady today in the benchmark market of Jaipur, Rajasthan, and Indore, Madhya Pradesh, while those of groundnuts fell in Gujarat, traders said.
In Jaipur, MUSTARD prices were in the range of 5,525-5,550 rupees per 100 kg, steady from Friday. Arrivals across Rajasthan were down by 5,000 bags and were at 100,000 bags (1 bag = 50 kg). The new crop arrivals across India were around 65,000 bags. Mustard arrivals across the country were up by 20,000 bags and were at 315,000 bags, according to Marudhar Trading Agency.
"The improved demand from oil millers for dried old stock is preventing prices from falling further," said Rajendra Trivedi, a Jaipur-based trader. Prices can improve further if demand is intact, but for now, the edible oil market isn't witnessing any noticeable improvements, he added. Wholesale prices of refined mustard oil were steady at 1,000 rupees per 10 ltr in Mumbai markets, according to the Solvent Extractors' Association of India data.
In Indore, SOYBEAN prices were at 4,150-4,370 rupees per 100 kg, steady from Friday, said Devender Goyal, a Madhya Pradesh-based trader and farmer. Arrivals of soybean were at 1,500 bags (1 bag = 50 kg), down from 2,800 bags on Friday.
Increasing imports of soybean oil and weak demand for poultry feed in February may continue to weigh on prices. However, an increase in export demand can limit the downfall, he said.
Soybean of the best quality were in the range of 4,200-4,650 rupees per 100 kg, said Mukesh Mangal, a Madhya Pradesh-based trader and farmer. The price of average quality soybean in markets of Madhya Pradesh was in the range of 4,000-4,460 rupees per 100 kg. The price of the dagi mitti variety was 3,700-4,000 rupees per 100 kg, he said.
Wholesale prices of refined soyoil were down 0.6% at 885 rupees per 10 ltr in Mumbai, according to SEA data. "National Agricultural Cooperative Marketing Federation of India Ltd has decided to purchase soyoil in the upcoming days, which can support soyoil prices," Goyal said.
Prices of GROUNDNUT in Gondal, Gujarat, were in the range of 6,890-7,105 rupees per 100 kg, down by 100 rupees from Friday, said Ashok Virvani, a local trader. "Rain-damaged arrivals were more and good-quality groundnut like G-22 and G-20 were less," he said.
Arrivals were up by 1,880 bags to 10,070 bags (1 bag = 45 kg) in Gondal. "Export demand from Arab countries has gone down a bit. If it improves, groundnut prices could rise," Virvani said. Wholesale prices of refined groundnut oil were steady at 1,550 rupees per 10 ltr in Mumbai, as per SEA data.
Wholesale prices of SUNFLOWER refined oil were flat at 920 rupees per 10 ltr in Mumbai, according to the daily rate report by SEA.
At 1912 IST:
--February contract of crude sunflower oil closed 1.1% lower at 835 rupees per 10 kg on the National Commodity and Derivatives Exchange Ltd.
--March contract of crude sunflower oil closed 1.3% lower at 820 rupees per 10 kg on the NCDEX.
The following table details the prices in major markets, along with the change:
| COMMODITY | MARKET | PRICE (rupees/100 kg) | CHANGE (rupees) |
|---|---|---|---|
| Mustard | Jaipur | 5,525-5,550 | -- |
| Soybean | Indore | 4,150-4,370 | -- |
| Groundnut | Gujarat | 6,890-7,105 | (-)100 |
End
Edited by Tanima Banerjee
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