MUMBAI (Commoditiescontrol) – Mustard seed prices moved up further at the benchmark Jaipur market of Rajasthan on Monday due to strong futures and some improved inquiries in mustard oil and cake at the lower level.
Mustard seed 42% condition rose further by Rs 5 at Rs 4,185-4,190/100kg at the key Jaipur market, while mustard oil gained by Rs 2 at Rs 822-823/10kg. Also, mustard cake edged higher by Rs 10 at Rs 1,880-1,885 per tonne.
Rapeseed Ext. (Bulk) (Ex-Kandla)38/2.5 was at $220 per metric tonne (MT) on Dec 7, unchanged from previous session.
Mustard seed prices was mainly supported by good jump in prices on futures, said a trader from Jaipur.
Some fresh inquiries were placed by northern and north eastern states as consumption of mustard oil usually increases during winter due to some shift in demand from palm oil, which freeze at low temperature.
Upside in mustard seed is likely to be limited due to good sowing pace and acreage likely to increase by at least 5-10% this season.
Mustard/rapeseed acreage as on Dec 5 was higher by 1.2 percent at 59.55 lakh hectare from 59.36 lakh hectare., according to agri ministry.
Meanwhile, Nafed on Nov 7 sold 4,700 metric tonnes (MT) of mustard between Rs 3,860-3,891/100kg in Haryana and Rajasthan. It has so far liquidated around 3.81 lakh MT and now balance stock is at around 4.97 lakh MT. The agency had bought around 8.78 lakh tonnes of mustard during rabi 2017-18 at MSP under Price Stabilization Scheme (PSS).
Mustard seed January futures were last traded higher by 0.8%, or Rs 34 at Rs 4,035/100kg on the National Commodity & Derivatives Exchange Ltd (NCDEX).
(By Commoditiescontrol Bureau; +91-22-40015533)
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