Informist, Friday, Dec 1, 2023

By Anjali Lavania

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

MUSTARD prices in Jaipur were in the range of 5,950-5,975 rupees per 100 kg, down 25 rupees from Thursday. Total arrivals remained unchanged at 200,000 bags (1 bag = 50 kg).

Arrivals across the country were steady at 400,000 bags, according to Marudhar Trading Agency.

"Imports of palm oil and sunflower oil have increased, which will affect the market negatively. The international market prices are also not doing well, which is having a direct impact on domestic prices," said Rajendra Trivedi, owner of Govind Traders, Rajasthan.

In Indore, SOYBEAN prices today were in the range of 4,770-5,470 rupees per 100 kg, down 30 rupees from Thursday.

"The average quality soybean was priced in the range of 4,680-4,800 rupees per 100 kg, down 20 rupees from the previous day of trade. The price for the best-grade quality was around 4,800-4,980 rupees per 100 kg, and for dagi mitti soybean, the range was from 4,000-4,500 rupees per 100 kg," said Narendra Porwal, a Madhya Pradesh-based trader, farmer and blogger.

The soybean prices in Mandsaur mandi were in the range of 4,600-4,900 rupees per 100 kg and arrivals were around 6,000 bags (1 bag = 50 kg), Porwal added.

"As prices are declining day-by-day, farmers and stockists are demotivated and are holding back the limited produce they have. The future prices in the domestic market will be further dependent on Brazil's production in the upcoming year. For December, soybean prices will be in the range of 4,500-5,500 rupees per 100 kg. It will rarely touch 6,000 rupees," Porwal said.

"It has been raining heavily all over Madhya Pradesh for a week. Some small farmers are unable to take their stocks to the mandis, and they are having problems with storage, as they don't have good storage facilities, which is affecting the quality, and hence the prices," said Durga Prasad Yadav, a Madhya Pradesh-based soybean farmer. 

The most-active December contract of CRUDE SUNFLOWER OIL was down at 893 rupees per 10 kg on the National Commodity and Derivatives Exchange. The contract faces resistance at 892 rupees and support is at 884 rupees, said Amit Gupta, Kedia Advisory.

At 1906 IST:

--December contract of crude sunflower oil was down 0.7% at 893 rupees per 10 kg on NCDEX

--January contract of crude sunflower oil was down 0.8% at 882.40 rupees per 10 kg on NCDEX

End

Edited by Tanima Banerjee

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