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Bull Run in Mustard Seeds Extends in MP on Depleting Stocks

1 Oct 2020 7:18 pm
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Indore Commodities Control - Amidst tightening domestic stock, mustard seeds continued to witness a upside rally with mustard seeds in Neemuch rising to Rs 5,480 a quintal, while mustard seeds (Nimari) rose to Rs 4,750-Rs 4,800 a quintal.


Weak availability of mustard seeds with the crushers also lifted plant deliveries of mustard seeds for Jaipur line to Rs 5,630-35 a quintal, on thursday. Besides sharp decline in domestic stock, the central government's notification on ban in mixing of any edible oils in mustard oil from October 1 helped lift mustard seeds prices, though the Delhi High Court has put a stay on the order till December 18 this year.


Due to scarcity of stock, arrival of mustard across the country has declined sharply despite strong demand from the millers. According to Suresh Mantri, a mustard seeds trader in Neemuch,”the rally in mustard seeds would likely continue in the coming days given the sharp decline in the domestic stock, while the new mustard crops are still five months away”.


Arrival of mustard seeds across the country today declined to 1.25 lakh bags. Rajasthan led the arrivals with 75,000 bags, followed by UP with 20,000 bags, Gujarat, Haryana/Punjab - 5,000 bags each, while 20,000 bags were offloaded elsewhere in the country. Negligible arrivals were reported in MP due to ongoing strike across the state mandis.



       
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