Informist, Tuesday, Feb 6, 2024

By Anjali Lavania

MUMBAI – Spot prices of mustard seed and soybean rose today in the benchmark markets of Jaipur and Indore, while prices of groundnuts fell in Gujarat, traders said.

In Jaipur, MUSTARD prices were in the range of 5,550-5,575 rupees per 100 kg, up 25 rupees from Monday. Arrivals across Rajasthan remained unchanged at 100,000 bags (1 bag = 50 kg). The new crop arrivals across India were around 85,000 bags. Mustard arrivals across the country were up by 20,000 bags at 335,000 bags, according to Marudhar Trading Agency. 

Although mustard prices rose a bit today, they are still below the minimum support price of 5,650 rupees per 100 kg. Wholesale prices of refined mustard oil were steady at 1,000 rupees per 10 ltr in Mumbai, according to the Solvent Extractors' Association of India data. 

In Indore, SOYBEAN prices were at 4,200-4,780 rupees per 100 kg, up 50 rupees from Monday, said Narendra Porwal, a Madhya Pradesh-based trader and farmer. Arrivals of soybean were at 1,100 bags (1 bag = 50 kg), down from 1,700 bags on Monday. 

Domestic soybean prices recovered slightly today, tracking prices on the Chicago Board of Trade. A few days earlier, the Commission for Agriculture and Cost and Prices had met in Bhopal to discuss various recommendations by state governments on the minimum support price of soybean.  

"Many organisations like Mustard Oil Producers Association of India and Soybean Processors Association of India have written letters to the government regarding the same. If the government takes some action, prices of soybean could rise by 300–400 rupees in the month of March," Porwal said. 

Prices of soybean of the best quality were in the range of 4,230-4,680 rupees per 100 kg, up 30 rupees, said Porwal. The price of average quality soybean in the markets of Madhya Pradesh was in the range of 4,050-4,510 rupees per 100 kg, up 50 rupees. The price of the dagi mitti variety was 3,750-4,000 rupees per 100 kg, up 50 rupees, he said. Wholesale prices of refined soyoil were up 0.6% at 890 rupees per 10 ltr in Mumbai, according to SEA data.

Prices of GROUNDNUT in Gondal, Gujarat, were in the range of 6,790-7,005 rupees per 100 kg, down 100 rupees from Monday, said Prafulbhai Rupareliya, a local trader. "Quality was not so good and arrivals of variety (TJ-39) that is used for exports was a bit less." 

"Demand for groundnut oil is decreasing gradually as palm oil imports are more and cheaper, thereby giving tough competition to groundnut," he said. "Prices could rise next week by 200 rupees per 100 kg if the quality of arrivals improves," said Ashok Viravani, a Gujarat-based trader. 

Arrivals of groundnut were down by 650 bags at 9,420 (1 bag = 45 kg). 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 1756 IST:

--The February contract of crude sunflower oil closed flat at 836 rupees per 10 kg on the National Commodity and Derivatives Exchange Ltd.

--The March contract of crude sunflower oil closed flat at 820 rupees per 10 kg on the NCDEX.

The following table details the prices in major markets, along with the change:

End

Edited by Avishek Dutta

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