Informist, Wednesday, Oct 18, 2023
By Anjali Lavania
MUMBAI – Prices of mustard and soybean rose today in the benchmark markets of Jaipur, Rajasthan and Indore, Madhya Pradesh, respectively.
In Jaipur, MUSTARD was sold at 6,000-6,050 rupees per 100 kg, up 25 rupees from Tuesday, said Rupesh Parekh, a local trader. However, arrivals across the country rose by 35,000 bags to 485,000 bags (1 bag = 50 kg), he added.
The government today raised the minimum support price for mustard by 200 rupees per 100 kg to 5,650 rupees for the marketing season starting in April. However, Parekh said that the increase in minimum support price is not likely to have any major impact, as domestic prices are already much higher.
Mustard prices will rise further due to increased buying activities ahead of festivals like Dussehra and Diwali. Arrivals have increased as farmers and stockists are releasing their old stocks at the prevailing price levels, said Parekh.
“Farmers are likely to sow more mustard in the upcoming season as prices are good,” said Parekh. “As the sowing season is approaching, farmers are planning to sow new seeds and sell out the old stocks.”
Mustard is a rabi crop which is sown during Oct-Dec, and is harvested in Feb-Mar.
SOYBEAN was sold at 4,000-4,800 rupees per 100 kg across several spot markets in Madhya Pradesh today.
Prices of the commodity at various spot markets in Madhya Pradesh were up, tracking benchmark prices on the Chicago Board of Trade, and due to unseasonal rainfall in the state, said Sanket Gupta, founder of Siya Organics.
Prices on CBOT rose as the US Department of Agriculture said that global ending stocks of soybean for 2023-24 are seen 3.6 mln tn lower than in September due to low stocks in China, Brazil and India.
Moreover, unseasonal rainfall in Madhya Pradesh has affected harvesting of soybean, which could lower output and boost prices further.
In the Indore mandi, soybean seed prices were up 150 rupees per 100 kg at 4,000-4,800 rupees per 100 kg, and arrivals were at 12,000 bags today. Similarly, in Mandsaur, prices were at 4,000-4,800 rupees per 100 kg, up 100 rupees, and arrivals were at 7,000 bags, said Gupta.
In the markets of Pachore in Madhya Pradesh, prices of soybean seeds were up 450 rupees per 100 kg at 4,550-4,720 rupees per 100 kg, with arrivals pegged at 10,000 bags. Similarly, in Bina mandi, prices were in the range of 4,100-4,500 rupees per 100 kg, slightly higher than that on Tuesday, and arrivals were at 6,000 bags. End
Edited by Tanima Banerjee
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