Indian Mustardseed Prices Likely To Stabilize Next Week



Indian Mustardseed Prices Likely To Stabilize Next Week

24 Jun 2017 1:57 pm

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MUMBAI (Commodities control) – Indian Mustard seed declined in the spot markets amid poor demand at higher prices during the week ending 24th June.

MUSTARD SEED:

Mustard seed prices during the week closed down by Rs 55 at Rs 3665/100kg in the benchmark market of Jaipur amid poor demand. During the week, seed arrivals hovered between 2.05 lakh bags to 1.80 lakh bags (85 kg each) against 1.60 to 1.95 a week ago.

Mustard seed prices declined on account of higher supply coupled with lower demand from processors due to poor sales of mustard oil. Its price dropped below MSP of Rs 3,700/100kg which was not as per market forecasts.

If farmer selling slows down then the prices will get support but demand from processors is very weak as they have opted to stay away from the market activity till June end. They will resume procuring of mustard seed in bulk quantities after the implementation of GST in July.

In futures market, Mustard seed prices most active July contract declined by 3.07 percent to trade at Rs 3,503/100kg on the National Commodity & Derivatives Exchange Ltd (NCDEX).

MUSTARD OIL :

With the slowdown in monsoon, Mustard oil buying is in limited quantity at higher prices and retail demand will not increase sharply in near term.

Mustard oil price during the week at the benchmark Jaipur market declined by Rs 7 to trade at Rs 699/10kg.

Further, price of mustard oil is still trading at a premium of Rs 7/kg to soy oil so sharp rally in mustard oil prices is unlikely. The premium of mustard oil should decline to Rs 3-4/kg then only we may see robust demand in mustard oil.

Mustard Oil Cake

Mustard oil cake price traded mostly on the downside as most of the cattle feed manufacturers demand has shifted to cotton oil cake.

Mustard oil cake prices has declined by Rs 55 during the week to trade at Rs 1,590/100kg.

Outlook: In the coming week, Mustard seed may trade in a range on good demand at lower prices and higher supplies to cap any upside.
(By Commoditiescontrol Bureau; +91-22-40015516)

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