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Cash Mustard Seed, Oil Continue To Trade Lower; Cake Steady

11 Oct 2018 1:57 pm
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MUMBAI (Commoditiescontrol) - Cash mustard seed and mustard oil prices continued to trade lower on sluggish demand, while, mustard cake prices ruled steady at the key Jaipur market on Thursday.

Seed prices are correcting as there are few takers at higher levels amid dull demand for mustard oil.

Mustard seed 42% condition at Jaipur traded at Rs. 4225 - 4230 per quintal, lower by Rs. 10.

Total arrivals of 1.70 lakh bags (85 kg each) mustard seed were reported across the country today. The arrivals is in full flow which is pressuring seed prices, traders says.

Mustard oil kachhi ghani traded down by Rs.2 per 10 kg at 840 – 841 per 10kg.

Oil prices are moving lower, adjusting with bearish movement in other oils like soy oil and cotton seed oil.

Mustard cake remained steady at Rs. 1935 - 1940 per quintal with average demand.

The industry participants are hoping for demand for Rapeseed meal from China as govt agencies are working in the direction and urging China to lift the import ban from Indian Oil Meal.

While, China, amid trade war with United States, is looking for alternative sources for Soymeal to feed their pigs army and Indian exporters are awaiting for China to open the doors for it.

Nafed on Monday, October 8 has liquidated around 6,010 metric tonnes of mustard seed at various centres of Rajasthan and Madhya Pradesh, according to details available on Nafed’s website. The agency has sold mustard seed with prices ranging between Rs 3,775 and Rs 3,875 per quintal.

It had procured a total of 8.80 lakh tonnes of mustard seed and now 7.74 lakh tonnes of balance stocks are available with them.

Meanwhile, Mustard seed futures on NCDEX were trading lower today with October 2018 futures seen down by Rs. 20 at Rs. 4025 per quintal, while November 2018 futures fell by Rs. 16 at 4137 per quintal.

(By Commoditiescontrol Bureau)


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