Informist, Monday, Dec 11, 2023

By Anjali Lavania

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

"Demand from plants, stockists and soybean exporters has declined," said Rajendra Trivedi, owner of Govind Traders. "The

fall in prices is temporary and this month it could increase a bit."   

In Indore, SOYBEAN prices were at 4,870-5,010 rupees per 100 kg today, down 50 rupees from Friday.

"The best quality soybean was priced at 4,920 rupees per 100 kg, down 80 rupees from the previous day of trade," said Narendra Porwal, a Madhya Pradesh-based trader and farmer. "The price for the average quality soybean was around 4,550-4,700 rupees per 100 kg, and for dagi mitti soybean, the range was from 4,100-4,600 rupees per 100 kg," he said.

MUSTARD prices in Jaipur were at 5,800-5,825 rupees per 100 kg, down 25 rupees from Friday. Total arrivals remained unchanged at 175,000 bags (1 bag = 50 kg).

Arrivals across the country were at 385,000 bags, 10,000 bags more than the previous day of trade, according to Marudhar Trading Agency.

Demand for mustard seeds in Jaipur has fallen as people are using safflower oil more, said Ashok Jadhavar, oil  manufacturer and trader at Vasundhara Oil and Food Products. Safflower oil is cheaper than mustard oil.  

"The farmers are holding up bags in anticipation of a rise in prices in future," Jadhavar said. "The prices will remain steady in the upcoming week, but will hardly touch 6,000 rupees per 100 kg this month."

"Hopefully, the new produce (mustard seed) in the upcoming months will help support prices," he added. 

As of Friday, India's acreage of mustard rose 2.2% on year to 8.92 mln ha, according to the latest report by the Department of Agriculture and Farmers Welfare.

At 1700 IST:

--The December contract of crude sunflower oil ended 1.4% lower at 863.90 rupees per 10 kg on the National Commodity and Derivatives Exchange.

--The January contract of crude sunflower oil closed 1.1% lower at 860.00 rupees per 10 kg on the NCDEX.

End

Edited by Tanima Banerjee

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