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Spot Mustard Rules Steady as Buying Softens on Higher Prices

24 Sep 2021 4:34 pm
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NEW DELHI, Sept 24 (Commoditiescontrol) - Spot mustard prices remained steady in Rajasthan and other producing states on Friday as buyers retreated due to the rise of about one and a half percent a day before. The oilseed had gained Rs 125 on Thursday, with rising further by up to Rs 50 till evening from its upside of Rs 75 by the afternoon. The pressure is also visible in the domestic futures trade. Along with mustard, most of the contracts of soybean and soyoil refined are trading in the red.

However, CBOT soy complex, BMD palm oil and Dalian oil complex registered strong gains. The rise in crude oil prices in overseas markets supported the edible oils globally as it raised the possibility of increasing consumption of vegetable oils in biofuels.

Today, 42 percent condition mustard is being sold in Jaipur at the previous closing price of Rs 8875-8900 per quintal (GST exclusive). Whereas in the afternoon of the previous day, mustard was sold in Jaipur at Rs 8825-8850 per quintal. Later in the evening, it had gained further by Rs 50. The arrival of mustard in the mandis across the country stood at 1.90 lakh bags (80 kg per bag) as on Wednesday.

Palm oil for September delivery at Kandla Port rose from $1250 to $1270 a tonne. Soyoil Degum for September delivery rose from $1374 to $1385 a tonne. Crude palm oil is being sold at Kandla port in Indian rupees at Rs 1153 and soyoil Degum at Rs 1295 per ten kg. While crude palm oil was sold at Rs 1143 and soyoil Degum at Rs 1290 per 10 kg at the port last day. All mustard contracts in NCDEX are showing softness due to selling pressure. However, there is a slight improvement in the December contract. Most of the contracts of soyoil and soybean are in a downtrend. However, BMD palm oil futures are bullish along with CBOT soybean and soyoil.

According to trade sources, buying in spot mustard is sluggish today due to the rise of 1.5 per cent in the price yesterday. Plants are doing limited purchases. Mustard oil also softened today after the rise of the previous day. While mustard cake rose by Rs 25 to Rs 3,300.

Mustard oil is being sold at Rs 1814-1815 in Jaipur and Rs 1804-1808 per 10 kg in other mandis. Last day oil was sold in Jaipur in the afternoon at Rs 1812-1813 and in other mandis at Rs 1802-1803 per 10 kg, gaining Rs 6 per 10 kg by evening. Mustard cake is being sold at Rs 3275-3300 per quintal. Whereas last day mustard cake was sold at Rs 3250-3275 per quintal.

The arrival of mustard stood at 1.9 lakh bags across the country. Mustard arrival was 85 thousand bags in Rajasthan, 10 thousand bags in MP, 30 thousand bags in UP, 15 thousand bags in Himachal Pradesh, 10 thousand bags in Gujarat and 40 thousand bags in other states.

At National Commodity and Derivatives Exchange (NCDEX), the benchmark October contract of Mustard fell by Rs 47 to Rs 8627 per quintal. November futures also moved lower by Rs 39 to Rs 8624. While December futures rose by Rs 3 to Rs 8578 per quintal.

(By Commoditiescontrol Bureau: +91-22-40015505)


       
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