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Weekly: Spot Mustard Seed To Trade Higher Next Week

12 Aug 2017 6:33 pm
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MUMBAI (Commodities control) –


INDIAN MUSTARD SEED:

Mustard seed prices during the week ending 11th August closed flat at Rs 3865/100kg in the benchmark market of Jaipur amid marginally higher seed arrivals, between 1.20 lakh bags to 1.35 lakh bags (85 kg each) against 1.05 to 1.35 lakh bags a week ago.



Mills buying of Seed was saturated during the week, as they already stocked bulk quantities amid good sale of Mustard Oil and Cake,
wherein the prices of Oil rallied by Rs 37/10kg over past one month whereas mustard oil cake has gained by Rs 50/100kg.

In futures market, Mustard seed prices of most active August contract gained by 0.97 percent to trade at Rs 3,730/100kg on the National Commodity & Derivatives Exchange Ltd (NCDEX).

GLOBAL
RAPESEED MARKET :

Further the global rapeseed market is also likely to trade higher amid crop losses in Canada and Austarlia.

The rapeseed market faces an "explosive situation" thanks to the potential for quite severe crop losses to drought in Australia and Canada. The influential analysis group, saying it was preparing to revise its global forecasts for rapeseed in 2017-18, cautioned that Canada's harvest of the canola variant may fall "to or below" 18.0m tonnes, a three-year low.

The decline would come despite record Canadian canola sowings this year, which official data peg up 1.0m hectares year on year at 9.24m hectares, eclipsing all-wheat plantings for the first time. However, crops are battling against dryness which is set to resume, after some showers in Saskatchewan and Manitoba earlier this week.

Canola crop losses in Canada, and Australia, where dryness has also rung alarm bells, may be quite severe, sharply reducing export supplies in 2017-18 and requiring demand rationing.
Improved rapeseed harvest prospects in France and Ukraine can only moderate but not offset the tightness stemming from Australian and Canadian downgrades.


INDIAN
MUSTARD OIL :
Mustard oil market witnessed robust demand ahead of the Krishnaasthmi Festival, as wholesale and retail counters were actively buying and prices gained at the benchmark Jaipur market by Rs 5 at Rs 765/10kg.

Indian government has increased the import duty on soy oil and palm oil and mustard oil being the premium oil, will follow positive cues of both soy and palm oil.

Mustard Oil Cake

Mustard oil cake price traded steady at Rs 1,575/100kg amid limited demand from cattle feed manufacturer.

Outlook: For the coming week, Mustard Complex is likely to trade with bullish bias on account of increase in import duty on edible oils, coupled with festival demand and seasonal demand.
(By Commoditiescontrol Bureau; +91-22-40015516)

       
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