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DELHI (Commoditiescontrol) - Mustard seed prices are likely to rise ahead due to low stocks and ahead of festival demand, said Vinod Rajput, CEO, Gokul Refoils & Solvent Ltd.
According to him mustard seed stocks in Gujarat is just 40,000-50,000 tonnes and insufficient to fulfill future demand.
Rajput said import of Canola oil was higher in the month of July, but it is mainly used for mixing. He said consumers using pure mustard oil (Kacchi Ghani) will buy only pure one. Rajput is very positive about mustard seed for coming months.
A senior official of one of the largest vegetable oil manufacturer in the country said stocks with millers and stockists as on August likely around 6 lakh tonnes, while holding with farmers may be between 15-18 lakh tonnes. He doesn’t see any impact on prices due to higher Canola import. He noted stocks are lower against demand. The canola oil will be consumed as per demand.
He said mustard prices are likely to rise after start of festival season from September 15. Prices recorded sharp rally last year as well during the same period. However, he expects prices to ease after Diwali.
According to The Solvent Extractors Association of India (SEA)the country has imported 65,741 tonnes of Canola in month July against 31,134 tonnes last year.
Mustard seed on Wednesday in Hissar, Rohtak and Rewari market of Haryana was traded steady at Rs 4,150/ per quintal. However mustard cake dropped Rs 25 at 2,450. Mustard oil expeller was priced at 8,700 per quintal and Kacchi Ghani at 9,200. Mustard seed in Agra market rose by Rs 25 per quintal with Saloni brand at 5,200 per quintal and Hathi brand at 5,075.
Mustard seed for September delivery was last traded 0.5 percent, or Rs 26 at Rs 4,670/100kg on the National Commodity & Derivatives Exchange Ltd (NCDEX).
(By Commoditiescontrol Bureau; +91-22-40015533)
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