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Spot Mustard/Mustard Oil A Tad Up On Some Renewed Buying

6 Dec 2018 4:04 pm
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MUMBAI (Commoditiescontrol) – Mustard seed and mustard oil traded a tad up at the benchmark Jaipur market of Rajasthan on Thursday on renewed buying at the lower level. However, mustard cake slipped on slow demand.

Mustard seed 42% condition was up Rs 5 at Rs 4,160-4,165/100kg at Jaipur, while mustard oil moved up a tad at Rs 817-818/10kg. Mustard meal, on the other hand dropped by Rs 10 at Rs 1,875-1,880/100kg.

Mustard seed arrivals in the country stood unchanged at 1.20 lakh bags (85kg each).

Demand for mustard seed was slightly better today as crushers were encouraged after good mustard meal export data for November month.

According to the Solvent Extractors’ Association of India, the country has shipped 56,089 metric tonnes (MT) of mustard meal in November, up from 34,830 MT a month ago in October.

Exports of mustard meal from April-November almost doubled at 7.45 lakh tonnes versus 3.92 lakh tonnes in the same period last year.

Exports of mustard meal to China has yet not started despite of five units approved by
General Administration of Customs of the People’s Republic of China, GACC ( formely AQSIQ) as registration is yet to take place with China Ministry of Agriculture (MoA), said Dr B.V Mehta, Executive Director, SEA.

However demand in mustard oil at present is said to be hand to mouth as it is costlier compared with palm and soy oil, but traders believe that it will improve in the coming weeks, but upside is likely to be limited.

Meanwhile, market participants are now mainly focusing on rabi sowing, which has so far remained good and experts expect acreage to rise around 5-10% this season.

Mustard seed January futures dropped 0.2%, or Rs 7 at Rs 4,004/100kg on the National Commodity & Derivatives Exchange Ltd (NCDEX).

(By Commoditiescontrol Bureau; +91-22-40015533)

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