NEW DELHI (Commodities control) Down trend of spot mustard seed not only continued but also sharpened today in spot market of Rajasthan and other producing states. The prices lost Rs. 250 per quintal in single day today. The oi lseed lost Rs. 450 per quintal in last two trading session. Higher production prospects caused for sharp fall in prices. Mustard oil and oil cake also followed seed trend. Future contracts also recorded heavy losses due to selling pressure. Mustard seed arrival increased from 60,000 bags to 75,000 bags in all over the country.
Today, stockists and farmers rushed to sell their stock to book profit as they do not see further appreciation. Recent rains in Rajasthan, Madhya Pradesh and Uttar Pradesh and other producing states have improved prospects for mustard seed. There were possibilities for higher mustard production in the country. Higher acreage and recent rains increased prospects for better production. Buyers were absent from the market for fresh buying after better crop prospects. Millers and processors were reluctant for fresh positions as they expect for further downfall in the oil seed prices.
Mustard seed (42 percent condition) was traded at Rs. 6150-6155 per quintal (GST Extra) in Jaipur. Earlier, it was traded at Rs. 6400-6405 per quintal. Mustard oil prices also decreased to Rs. 1231-1232 in Jaipur and 1221-1222 per 10 kilogram in adjoining areas. Earlier, It was traded at Rs. 1260-1261 in Jaipur and 1250-1251 per 10 kilogram in adjoining areas. Mustard oil cake eased down today to Rs. 2525-2530 per quintal. Earlier, it was traded at Rs. 2575-2580 per quintal.
Total arrival was 75,000 quintal in across the country. State arrival- Rajasthan 40,000, MP 5,000, UP 10,000, HP 5,000, Gujarat 5000 and other states 10,000 bags.
NCDEX also witnessed bearish trend in the oil seed contracts. Mustard January decreased Rs. 85 to settle at Rs. 5997 per quintal. February contract down Rs. 58 at Rs. 5543 per quintal. April contract downp Rs. 33 to Rs. 5095 per quintal. May contract was traded lower.
(By Commoditiescontrol Bureau: +91-22-40015505)
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