Informist, Friday, Oct 20, 2023

By Anjali Lavania

MUMBAI – Prices of mustard and soybean fell today in the benchmark markets of Jaipur in Rajasthan and Indore, Madhya Pradesh.

In Jaipur, MUSTARD was sold at 6,000-6,025 rupees per 100 kg, down by 25 rupees from Thursday, after the arrivals of the oilseed increased, said Rupesh Parekh, a local trader. However, the mustard has gained 100 rupees per 100 kg, or 1.7% this week.

Arrivals of the oilseed in Jaipur were pegged at 250,000 bags (1 bag = 50 kg), while arrivals across the country were pegged at 525,000 bags. 

"As the sowing season is approaching, farmers are planning to sow new seeds and sell out the old stocks at the prevailing price, which is leading to an increase in stocks," he added.

Mustard is a rabi crop, which is sown during Oct-Dec, and is harvested in Feb-Mar. 

In September, the country exported 65,000 tn of mustard meal, significantly higher than 25,000 tn exported in the year-ago period, data from the Solvent Extractors' Association of India showed.

SOYBEAN was sold at 4,000-4,900 rupees per 100 kg across several spot markets in Madhya Pradesh today.

"Prices at various spot markets in Madhya Pradesh were down today, because arrivals were high today, but in the upcoming week, prices of soybean could go up by 40 to 50 rupees per 100 kg due to the festival season," said Sourabh Kumar, founder of ekisan.net.
 

In the Indore mandi, soybean seed prices were down 400 rupees at 4,000-4,800 rupees per 100 kg today and arrivals were at 8,000 bags. Similarly, in Mandsaur mandi, the prices were at 4,200-4,900 rupees per 100 kg, down 60 rupees, while arrivals were at 6,000 bags, said Sanket Gupta, founder of Siya Organics.

In the markets of Bina in Madhya Pradesh, prices of soybean seeds were down rupees by 200 rupees at 4,000-4,500 rupees per 100 kg, with arrivals pegged at 8,000 bags compared to 5,000 bags on Thursday. However, in Neemuch mandi, the prices were in the range of 4,000-4,500 rupees per 100 kg, slightly lower than that on Thursday, and arrivals were at 8,000 bags.

The government has pegged total oilseed output in 2022-23 (Nov-Oct) at 41.0 mln tn, against 38.0 mln tn in the previous oilseed year.  End

Edited by Manisha Baxla

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