MUMBAI (Commodities control) – Indian Mustard seed price gained in the spot markets amid improved demand for third consecutive week as per our expectation during the week ending 22nd July.
MUSTARD SEED: Mustard seed prices during the week closed up by Rs 30 at Rs 3860/100kg in the benchmark market of Jaipur amid robust demand coupled with restricted farmer selling. During the week, seed arrivals hovered between 0.90 lakh bags to 1 lakh bags (85 kg each) against 1 to 1.30 a week ago. During the start of the week, crushers procured mustard seed aggressively to add stocks, however slowed down on lower sales of Oil, draging the seed prices to close lower on week on week basis. The current stock will suffice for the near term requirements of the crushing plants and will limit fresh buying in the coming week.
On the other hand farmers have slow down the sales of mustard seed as they are busy in sowing of khariff crop and expectation of higher prices. In futures market, Mustard seed prices most active August contract declined by 0.69 percent to trade at Rs 3,678/100kg on the National Commodity & Derivatives Exchange Ltd (NCDEX). MUSTARD OIL :
Mustard Oil has shown a consistend uptrend since June 2017 and rose higher by nearly Rs 50 on robust retail demand with the change in the season and festival buying. Mustard oil market witnessed limited demand during the week as most of the wholesale traders have sufficient stock with them which can meet the near term demand. Mustard oil price during the week at the benchmark Jaipur market traded steady at Rs 759/10kg. Major decline in demand during the week was observed in Assam, Odhisa and Himachal Pradesh due to floods, affecting the transportation and new trades enquires.
"Demand is likely to pick up from 30th July for Raksha Bandhan festival which is on 7th August" as per the sources. Shravan month is going on in northern part of India so demand has already decreased by around 5-10 percent as people don’t eat non-veg food during this period. Also, Mustard oil is trading at a premium of Rs 12/kg to soy oil so demand of mustard oil may not sustain at higher price level.
As per the market sources, Mustard oil is trading lower by Rs.175/10 kg as compared to same time over previous year which could boost the current trend. Mustard Oil Cake Mustard oil cake price gained by Rs 10 during the week to trade at Rs 1,640/100kg amid fresh buying from cattle feed manufacturer. According to market participant demand of mustard oil cake in northern part of India increases as cattle’s consumption gradually improves during monsoon season. However, in coming days demand of mustard oil cake may not improve as the premium of cotton oil cake to mustard oil cake has declined to Rs 75/100kg from Rs 150/100kg on 1st July 2017. Cotton oil cake is considered as premium product in feed mix. Outlook: For the coming week, Mustard Complex will see a surge in consumption with the onset of festival season, change in the weather pattern which will support the prices at the higher levels.(By Commoditiescontrol Bureau; +91-22-40015516)
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