Prices of mustard seed were down in Jaipur due to low demand and mustard meal exports

Prices of mustard seed were down in Jaipur due to low demand from crushing plants, A rise in arrivals also weighed on prices. Millers have reduced their purchases on hope of a further decline in prices with higher arrivals of the new crop. In Jaipur, the oilseed was sold for 4,145-4,150 rupees per 100 kg, down 15-20 rupees from previous day. Arrivals across India were pegged at 85,000 bags (1 bag = 85 kg), up by 5,000 bags from the previous day. Mustard contracts on the NCDEX were, largely unchanged as a fall in prices due to weak cues from spot markets were offset by a sharp on-year rise in mustard meal exports. mustard meal exports rose over 37% on year to 34,270 ton.

Mustard oil mills across the country crushed 400,000 ton of the oilseed in January, up 23.1% on year. Upbeat demand from mustard meal exporters ramped up the crushing operations. India’s mustard meal exports were at 34,270 tn in January, up from 24,980 tn a year ago. Mustard meal exports are also seen strong in the near future owing to firm demand from South Korea. Crushing could have been higher but mustard seed arrivals shrank with the start of the lean season. mustard crushing declined 27.3% on month from 550,000 tn in December. During Mar 1-Jan 31, total mustard seed supply was at 7.3 mln tn. Arrivals in Rajasthan, were at 2.42 mln tn, 1.13 mln tn in Uttar Pradesh, and a combined 565,000 tn in Madhya Pradesh and Chhattisgarh.