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Mustard Seed Prices Plummet, Tracking Oil and Oil Cake Weakness

18 Jun 2024 3:56 pm
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Mustard seed prices experienced a sharp decline on Tuesday, mirroring a downward trend in oil and oil cake prices. Market sentiment remained cautious among both buyers and sellers, as balanced stocks are expected to meet crushing demand for the remainder of the season. However, traders anticipate increased demand for mustard oil during the rainy season due to higher non-veg food consumption.

- Jaipur: Mustard seed (42% conditioned) prices fell by Rs 100 to Rs 6000-6025 per quintal (excluding GST).
- Mustard oil expeller: Prices decreased by Rs 17 to Rs 1147-1148 per 10kg.
- Kachchi Ghani: Prices also dropped by Rs 17 to Rs 1157-1158 per 10kg.
- Mustard cake: Prices declined by Rs 45 to Rs 2650-2655 per quintal.
- Delhi: Mustard seed prices decreased by Rs 50 to Rs 5875-5925 per 100kg, and mustard seed oil expeller prices fell by Rs 10 to Rs 1140 per 10kg.
- Charkhi Dadri: Mustard seed prices were down by Rs 75 to Rs 5825-5875 per quintal. Mustard seed oil expeller traded Rs 15 lower at Rs 1125 per 10kg, and mustard oilcake prices fell by Rs 40 to Rs 2660 per quintal.

Total mustard seed arrivals across the country amounted to approximately 5 lakh bags. Arrivals in Rajasthan, Madhya Pradesh, Uttar Pradesh, Punjab, Haryana, and Gujarat were 3 lakh bags, 40,000 bags, 45,000 bags, 20,000 bags, and 20,000 bags, respectively. Major markets received around 75,000 bags of mustard seed.

At Kandla port, CPO prices were down by Rs 10 to Rs 887 per 10kg, and RBD palmolein prices also decreased by Rs 10 to Rs 905 per 10kg. Soyoil refine prices increased by Rs 15 to Rs 960 per 10kg. Degum prices were up by Rs 5 to Rs 885 per 10kg, and sunflower refine oil remained flat at Rs 980 per 10kg.

The mustard seed market is currently experiencing a downward trend, influenced by weakness in oil and oil cake prices. While balanced stocks are expected to fulfill crushing demand, traders anticipate increased demand for mustard oil during the rainy season. Market participants remain cautious about the future direction of prices.




(By Commoditiescontrol Bureau; +91 98201 3018)


       
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