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Mustard softens as demand turns sluggish at higher prices

20 Jan 2022 6:33 pm
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NEW DELHI, Jan 20 (Commoditiescontrol) - Mustard prices moved lower by Rs 100 per quintal in the mandis of Rajasthan and other producing states on Thursday after gaining nearly Rs 800 in more than a week. The concerns over the crop have not eased as severe cold wave conditions still persist over entire North India including Rajasthan, but due to weak demand and increased selling/supply at higher prices, the prices came under pressure. Its oil and meal also traded softly.

There was no trading in mustard in futures trade. Globally, CBOT soybean, soyoil and soymeal prices remained firm overnight. Malaysian palm oil and Dalian edible oil complex were also showing strength.

Today, 42 percent condition mustard is being sold in Jaipur at Rs 8200-8225 per quintal (GST exclusive). Whereas in the last session, mustard was sold at Rs 8300-8325 per quintal. The daily arrival of mustard in mandis across the country climbed from 1.25 lakh bags (80 kg per bag) to 1.35 lakh bags.

Palm oil for January delivery at Kandla Port was recorded at $1,450 per tonne. Soyoil Degum January delivery rose from $1441 to $1460 per tonne. Crude palm oil is being sold at Kandla port in Indian rupees at Rs 1148 and soyoil Degum at Rs 1165 per ten kg. Whereas in the last session, crude palm oil was sold at the port at Rs 1148 and soyoil Degum at Rs 1160 per ten kg. There was no trading in mustard and soyoil contracts on the NCDEX. While there was a mixed trend in soybean contracts.

The bullish phase continued in mustard for more than a week came to an end today due to sluggish demand. After the increase in the price of mustard by Rs 800, buying by the plants became very less. On the other hand the stockists are trying to offload the stocks at the fag end of the season. However, the cold wave conditions do not seem to stop in the mustard producing northern India. There is a possibility of damage to the mustard crop due to bad weather and dense cloud cover.

Mustard oil is being sold in Jaipur at Rs 1664-1665 and in other mandis at Rs 1654-1655 per 10 kg. In the last session, oil was sold in Jaipur at Rs 1678-1679 and in other mandis at Rs 1668-1669 per 10 kg. Mustard meal is being sold at Rs 3000-3025 per quintal. In the last session, mustard meal was sold at Rs 3040-3050 per quintal.

The arrival of mustard stood at 1.35 lakh bags across the country. Mustard arrival was 50 thousand bags in Rajasthan, 20 thousand bags in Madhya Pradesh, 25 thousand bags in Uttar Pradesh, 5 thousand bags in Himachal Pradesh, 5 thousand bags in Gujarat and 30 thousand bags in other states.

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


       
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