MUMBAI (Commodities control) –
MUSTARD SEED:
Mustard seed prices during the week made a 3 month high of Rs 3885/100kg, giving a lower close for the week at Rs 3865/100 Kg. During the week, seed arrivals hovered between 1.05 lakh bags to 1.35 lakh bags (85 kg each) against 0.90 to 1 lakh bags a week ago.
Arrivals increased as farmers liquidated mustard seed in higher quantities ahead of the Raksha Bandhan festival next week. Crushers too, were active buyers amid good sales of Oil however, weakness in soybean and oil complex dragged the Mustard seed prices.
Both soybean and mustard futures during the week declined by 4.26 and 2.65 percent respectively putting pressure in the Spot market.
According to market sources, in coming days mustard seed prices are unlikley to fall sharply on farmers reluctance to sell mustard seed at lower price level and onset of festival season along with winters will support the demand for Mustard Oil.
Arrival of mustard seed decreased by 21.90 percent in July month to 4.10 lakh tonnes compared to June month due to restricted farmer selling. Mustard seed crushing in the country during the July month decreased by 2.60% at 5.60 lakh tonnes against 5.75 lakh tonnes in June month.
In futures market, Mustard seed prices of most active August contract declined by 2.65 percent to trade at Rs 3,648/100kg on the National Commodity & Derivatives Exchange Ltd (NCDEX).
MUSTARD OIL :
Mustard oil market witnessed robust demand during the start of the week on Bulk purchases ahead of Festival season, however it inched lower tracking the global markets and other edible oils.
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During the week both spot soy refined oil and RBD Palmolein prices have declined by nearly Rs 10/10kg which was the main reason for the drag behind mustard oil prices by Rs 5 at Rs 760/10kg.
Mustard oil is majorly consumed in northern and eastern parts of India as it helps to keep the body warm during winter season.
The only factor worrying for the traders is the premium of mustard oil to soy oil which is ruling at Rs 13/kg, which if widens to Rs 15-18/kg then consumers may shift to soy oil.
Mustard Oil Cake
Mustard oil cake price declined by Rs 30 during the week to trade at Rs 1,575/100kg amid low demand from cattle feed Industry. Premium of cotton oil cake to mustard oil cake has dropped to Rs 10/100kg which was Rs 150 on 1st July inducing the Cattle feed Industry to shift to Cotton oil cake.
Outlook: For the coming week, Mustard Complex is likely to trade with bullish bias with the onset of festival season and farmers reluctance to sell seed at lower prices.
(By Commoditiescontrol Bureau; +91-22-40015516)
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