Informist, Tuesday, Jan 16, 2024
By Anjali Lavania
MUMBAI – Prices of mustard seeds fell today in the benchmark market of Jaipur, Rajasthan, and those of soybean rose in Indore, Madhya Pradesh, traders said.
“Limited demand and more imports of palm oil is creating a problem for mustard,” said Mahesh Sameriya, a Jaipur-based trader. “Availability of palm oil at cheaper rates ultimately affects the demand for mustard.”
The government has extended the policy to allow the import of crude soyoil, crude palm oil, and crude sunflower oil at lower duty by another year till Mar 31, 2025, the Ministry of Finance said in an official notification late on Monday.
In Jaipur, MUSTARD prices were in the range of 5,600-5,625 rupees per 100 kg, down by 100 rupees from Friday even as arrivals across Rajasthan were less by 25,000 bags at 125,000 bags (1 bag = 50 kg), Sameriya said.
Mustard arrivals across the country fell by 50,000 bags from the previous day and were at 285,000 bags, according to Marudhar Trading Agency.
In Indore, SOYBEAN prices were in the range of 4,780-4,900 rupees per 100 kg, up 80 rupees from the previous day of trade, said Narendra Porwal, a Madhya Pradesh-based trader and farmer.
“Due to the start of the wedding season and occasions, demand for soybean seed can be seen gradually improving,” said Sandeep Sarda, the owner of Shyam Traders in Indore.
“Also, lower production in Brazil has led to an increase in demand for soybean exports from India, in a way it is beneficial for the domestic markets,” Sarda added.
Brazil’s production of soybean in 2023-24 was seen lower by 4 mln tn from December at 157 mln tn, the US Department of Agriculture said in the report. “Reduced rainfall in the Center West region and northeastern states lowered yield potential,” the report said. Brazil is the world’s largest producer of soybean, followed by the US and Argentina.
Soybean of the best quality was priced at 4,781 rupees per 100 kg, Porwal said. The price of average quality soybean across the markets of Madhya Pradesh was in the range of 4,400-4,700 rupees per 100 kg. The price of the dagi-mitti variety was 3,800-4,300 rupees per 100 kg, he said.
At 1706 IST:
–January contract of CRUDE SUNFLOWER oil closed 0.7% higher at 853.7 rupees per 10 kg on the National Commodity and Derivatives Exchange
–February contract of CRUDE SUNFLOWER oil closed 0.1% higher at 850 rupees per 10 kg on the NCDEX
The following table details the prices in major markets, along with the change:
End
Edited by Manisha Baxla
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