MUMBAI (Commodities control) –
MUSTARD SEED:
Mustard seed prices during the week closed down by Rs 25 at Rs 3945/100kg in the benchmark market of Jaipur. During the week, seed arrivals hovered between 0.70 lakh bags to 1.55 lakh bags (85 kg each) against 1.20 to 1.55 a week ago.
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Sluggish trend continues in spot mustard seed due to poor demand from millers amid slow off take of mustard oil.
There is talk in the market that India has imported around 43,000 tonnes of mustard oil in August so the crushing may decline in September weighing on mustard seed demand.
Further mustard seed prices have declined by Rs 70/100kg in last two weeks so in coming days farmers may slow down the sales of commodity providing support to prices at lower level.
In futures market, Mustard seed prices most active October contract declined by 1.71 percent to trade at Rs 3,744/100kg on the National Commodity & Derivatives Exchange Ltd (NCDEX).
MUSTARD OIL :
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Mustard oil price during the week at the benchmark Jaipur market declined by Rs 4 at Rs 787/10kg.
Traders were bit surprised as they were expecting demand to rebound from Navratri festival which started on 21st September but that could not materialize which has weighed on mustard oil prices.
According to traders rural demand is very subdued as there purchasing power has declined in recent times. Farmers did not get good prices for their produce in 2017 which has reduced their income and forcing them to cut of their additional expenditure.
Further, the wholesale traders are having sufficient stock of mustard oil in their inventory which can meet the near term demand so they opted to wait and watch approach.
Mustard Oil Cake
Mustard oil cake price declined by Rs 10 during the week to trade at Rs 1,645/100kg amid poor demand from cattle feed manufacturers.
Outlook: For the coming week, Mustard seed is likely to trade steady as restricted farmer selling will support prices at lower price level whereas limited demand from millers will weigh on mustard prices at higher price level.
(By Commoditiescontrol Bureau; +91-22-40015516)
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