MUMBAI (Commoditiescontrol) - Mustard seed made a good start for the week however gave off the bullish sentiment to close lower by Rs 30, at Rs 3850/100 kg.
The main driver for this trend has been the negative crush margins for the millers and lower realizations for mustard by products.
During the start of April, traders in the local markets forecasted for higher seed arrivals by mid-month from 6 - 6.5 lakh bags, however Farmers sold as per their financial requirements and sold just 3.95 lakh bags to 5 lakh bags(85kg) against 2.50 to 5.50 a week ago. Crushers and stockists were watchfull buyers and bought only when prices fell to Rs 3825/100kg.
Mustard Oil
Premium of Mustard kucchi ghani oil over Soy oil of Rs 10.80/ 10 kg has moved the demand curve. Mustard oil is currently more expensive for consumption, as well as for blending. Also, with the onset of summers the food preference of the people have changed in many parts of the country, thus impacting the overall demand.
Mustard Cake
Mustard cake gained on higher price gap with cotton oil cake, shifting the demand of the local cattle feed processors to mustard cake.
In futures market this week, mustard seed prices most active May contract declined by 1.98 percent at Rs 3,809/100kg on the National Commodity & Derivatives Exchange Ltd (NCDEX).
In coming week, mustard seed prices are likely to trade range bound due to strong demand for mustard seed from crushers at lower level whereas constant supply will weigh on prices at higher level.
(By Commoditiescontrol Bureau; +91-22-40015516)
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