Informist, Tuesday, Feb 27, 2024
By Anjali Lavania
MUMBAI – Prices of mustard and soybean seeds were stable in Jaipur in Rajasthan and Indore in Madhya Pradesh, respectively, traders said. Prices of groundnut were up today in Gondal, Gujarat, they added.
"Prices were stable today. Less demand for new crops, which have high moisture content, is weighing on market prices," Mahesh Sameriya, a Jaipur-based trader said. "High arrivals in the coming month could cause prices to fall further."
In Jaipur, MUSTARD prices were in the range of 5,325-5,350 rupees per 100 kg, steady since Monday. Arrivals in Rajasthan were down by 10,000 bags (1 bag = 50 kg) to 315,000 bags. Arrivals across the country were 750,000 bags, according to Marudhar Trading Agency. Wholesale prices of refined mustard oil were up 0.9% at 1,020 rupees per 10 ltr in Mumbai, according to data from the Solvent Extractors' Association of India.
"Mustard prices in Kota Mandi, Rajasthan, were at 4,900 rupees per 100 kg, with arrivals pegged at 20,000 bags," Sameriya added.
"Farmers are facing losses of 1,200 rupees per 100 kg while selling mustard, despite assurances from the agriculture minister to buy at a minimum support price," according to a report by Kedia Advisory. Traders and processors indicate that 15-20% of last year's production was withheld by farmers in anticipation of better prices, it said.
SOYBEAN prices in Indore mandi were in the range of 4,240-4,520 rupees per 100 kg, steady against Monday, with arrivals at 4,000 bags (1 bag = 90 kg), Sandeep Sarda, a local trader, said. Wholesale prices of refined soyoil were up 1.1% at 935 rupees per 10 ltr in Mumbai, according to SEA data. "Demand for soybean is not so much, but we are hopeful that during the Holi, the demand can gain," Sarda said. Also, the millers prefer mustard to soybean because of the higher oil content, Sarda said.
Prices of GROUNDNUT in Gondal, Gujarat, were in the range of 6,200-6,405 rupees per 100 kg, up 200 rupees from Monday, said Ashok Virvani, a local trader. Arrivals of groundnut in Gondal were at 3,420 bags (1 bag = 45 kg).
"Prices improved a bit today as arrivals were mostly of G20 and G22 varieties, which are usually exported," Virvani said. However, this is temporary and will not continue in the long run, he said. Wholesale prices of refined groundnut oil were steady at 1,550 rupees per 10 ltr in Mumbai, according to SEA data.
Wholesale prices of SUNFLOWER refined oil were up 1.1% at 935 rupees per 10 ltr in Mumbai, according to SEA.
--The February contract of crude sunflower oil closed 0.8% higher at 842 rupees per 10 kg on the National Commodity and Derivatives Exchange.
--The March contract of crude sunflower oil closed 0.1% lower at 834.6 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 | 5,325-5,350 | -- |
| Soybean | Indore | 4,240-4,520 | -- |
| Groundnut | Gujarat | 6,200-6,405 | 200 |
End
Edited by Saji George Titus
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2024. All rights reserved.
