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Mustard Seed, Oil Fall further amid Negative Global Cues

27 Nov 2021 7:11 pm
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NEW DELHI, Nov 27 (Commoditiescontrol) - Mustard complex fell further in Rajasthan and other growing states for the fourth straight day on Saturday. The prices of mustard have fallen by Rs 325, or about four per cent, in the last one week, while its oil has seen a fall of Rs 34 per ten kg, ie more than two percent. Mustard meal is also trading with a loss of Rs 50. The decline in mustard complex does not seem to be stopping due to lacklustre demand.

The plants are avoiding purchases of mustard as demand for mustard oil is decreasing continuously due to cheap soyoil. The pressure on mustard also increased amid negative global cues. There was a strong fall of up to three per cent in CBOT soybean complex in the previous session as commodities came under pressure in the global market due to the threat of a new variant of Corona.

Today in Jaipur, 42 percent condition mustard is being sold at Rs 8300-8325 per quintal (GST exclusive). In the last session, 42 per cent condition mustard was sold in Jaipur at Rs 8425-8450 per quintal (exclusive of GST). Mustard prices have fallen by more than four per cent in the last one week. The arrival of mustard in mandis across the country declined from 1.65 lakh bags (80 kg per bag) to 1.40 lakh bags.

According to trade sources, demand for mustard remains sluggish in the spot mandis as the premium of mustard oil to soyoil has increased to Rs 50 per kg due to the sharp fall in soyoil refined with an increase in arrival of new soybean crop. Globally CBOT soybean oil fell by more than three percent on Friday due to the new threat of Corona. The decline in the attractiveness of soyoil as a biofuel due to a sharp fall in crude oil put pressure on its prices on the CBOT. This has put pressure on domestic soybean and soyoil, resulting in a decline in the mustard complex also.

Mustard oil is being sold at Rs 1650-1651 in Jaipur and Rs 1640-1641 per 10 kg in other mandis. Whereas in the last session, oil was sold in Jaipur at Rs 1684-1685 and in other mandis at Rs 1674-1675 per 10 kg. Mustard meal is being sold at Rs 3250-3275 per quintal. Whereas in the last session, mustard meal was sold at Rs 3300-3325 per quintal.

The arrival of mustard across the country declined from 1.65 lakh bags to 1.40 lakh bags. Mustard arrival was 60 thousand bags in Rajasthan, 5 thousand bags in Madhya Pradesh, 25 thousand bags in Uttar Pradesh, 10 thousand bags in Himachal Pradesh, 5 thousand bags in Gujarat and 35 thousand bags in other states.

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


       
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