.png) MUMBAI (Commoditiescontrol) – Mustard seed traded strong at the benchmark Jaipur market during the week ended October 20, supported by lower arrivals against normal demand.
Mustard seed 42% condition at the Jaipur market rose this week by 0.9% at 4,290/100kg, while mustard oil and mustard cake moved up by 0.8% each at 850/10kg and Rs 1,975/100kg, respectively.
Daily mustard seed arrivals during the week averaged at 1.45 lakh bags (45kg), down 4.9% from 1.52 lakh bags a week ago.
According to data compiled by compiled by CC, this season total arrivals (15 Feb 2018 to 20 Oct 2018) were at 40.45 lakh tonnes.
Although prices were on the higher side, but overall demand in mustard oil and mustard cake is said to be sluggish or only need-based from consumption centres. Stockists are buying in very limited quantity and avoiding bulk purchases as mustard oil is costlier compared with other rival oils like palm and soy oil.
The rise in prices was mainly due to slow arrivals, which has prompted crushers to procure mustard at higher rates.
The net crush margin is positive for mustard which is currently at around Rs 500 per tonne.
Mustard seed November futures ended this week a tad up at Rs 4,173/100kg versus previous week close of 4,162. The contract traded within range of Rs 4,150-4,200.
Mustard price may trade steady to firm in the near term due to lower supply, but ample stocks with traders and Nafed are likely to limit upside.
(By Commoditiescontrol Bureau; +91-22-40015533)
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