Informist, Wednesday, Feb 28, 2024
MUMBAI – Prices of mustard seed rose today in Jaipur, Rajasthan, while those of soybean were steady in Indore, Madhya Pradesh, traders said. Prices of groundnut were down in Gondal, Gujarat, they added.
“Mustard demand from oil millers is improving but not at a great pace. They are buying cautiously,” Mahesh Sameriya, Jaipur-based trader, said. “This improvement of 50–100 rupees does not give enough benefits to farmers or traders.”
In Jaipur, prices of MUSTARD were in the range of 5,375-5,400 rupees per 100 kg, up 50 rupees from Tuesday. Arrivals in Rajasthan were up by 10,000 bags (1 bag = 50 kg) to 325,000 bags. Arrivals across the country were at 800,000 bags, according to Marudhar Trading Agency. Wholesale prices of refined mustard oil were down 0.5% at 1,015 rupees per 10 ltr in Mumbai, according to data from The Solvent Extractors’ Association of India.
“Mustard prices in Kota Mandi, Rajasthan, were at 5,000 rupees per 100 kg, with arrivals pegged at 22,000 bags,” Sameriya said, adding that prices will improve only if the government starts buying, which is not happening currently.
SOYBEAN prices in the Indore market were in the range of 4,240-4,520 rupees per 100 kg, steady from Tuesday, with arrivals at 4,000 bags (1 bag = 90 kg), local trader Sandeep Sarda said. Wholesale prices of refined soyoil were up 1.6% at 950 rupees per 10 ltr in Mumbai, according to SEA data. “International prices on the Chicago Board of Trade are affecting domestic prices,” Sarda said, adding that prices could fall further as demand is sluggish.
Prices of GROUNDNUT in Gondal were in the range of 6,100-6,305 rupees per 100 kg, down 100 rupees from Tuesday, said Ashok Virvani, a local trader. Arrivals of groundnut at the market were at 7,200 bags (1 bag = 45 kg).
“Prices of groundnut could go up during the Holi festival when demand will improve,” Ramesh Savaliya, another local trader, said. Sowing of groundnut will start from May and June, he added. 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 down 1.1% at 925 rupees per 10 ltr in Mumbai, according to SEA.
–The February contract of crude sunflower oil closed 0.3% higher at 844.4 rupees per 10 kg on the National Commodity and Derivatives Exchange.
–The March contract of crude sunflower oil closed 0.8% higher at 855 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 | 5,375-5,400 | 50 |
| Soybean | Indore | 4,240-4,520 | — |
| Groundnut | Gondal | 6,100-6,305 | (-)100 |