Mustard

NCDEX mustard seed hits 2-wk low tracking spot market.

For 2017-18, Canadian mustard exports decreased to 112 kt

For 2018-19, production is estimated at 175 kt

Mustard seed prices down in Jaipur as arrivals rise

India mustard down on muted spot demand

India’s prospects of mustard oil meal exports to China

India’s mustard meal exports in the month of August 2018

According to the fourth advance estimate of government

India’s rapeseed oil imports in the month of July 2018

NCDEX Sep mustard near 3-wk high tracking spot mkt.

Mustard seed prices up in Jaipur on robust demand.

Prices of mustard seed in Jaipur rose due to a decline in arrivals and improved demand from oil millers and crushers. In the benchmark market of Jaipur, mustard seed was sold at 4,350-4,375 rupees per 100 kg, up 20-25 rupees. Arrivals of mustard seed in Rajasthan were estimated at 70,000 bags (1 bag = 85 kg) today, down 10,000 bags. Limited sale of mustard seed by government agencies in the local market also led to positive sentiment.

Mustard oil mills across the country crushed 450,000 tn of the oilseed in July, down 18.2% from a year ago. Crushing was also down 30.8% from 650,000 tn in June. Crushing was lower because mustard arrivals started dwindling in key wholesale markets with start of the lean season.

The National Agricultural Cooperative Marketing Federation of India will start selling mustard seed in Rajasthan on Friday, a source close to the development said. The federation had procured the oilseed under the price support scheme in 2017-18 (Jul-Jun). NAFED had procured 873,004.90 tn of the commodity across the country in the rabi season, while its procurement in Rajasthan was at 471,614.16 tn as of Jun 25. With prices of mustard seed 300-400 rupees above the minimum support price of 4,000 rupees per 100 kg in the domestic market, it is beneficial for government agencies to release their stocks.

Russian crushers produced 32.5 KMT of rapeseed oil in May 2018 against 32.2 KMT in April 2018 and 23 KMT in May 2017. Even towards the end of the season, the monthly volumes of rapeseed crushing remain steadily higher than a year ago. Overall, rapeseed oil production increased almost 21% in July-May 2017/18, to 351.2 KMT versus 290.6 KMT in the same period last year. Owing to a heavy rapeseed crop in 2017, this season’s rapeseed oil output is still at a three-year high.

Prices of mustard seed hit an 18-month high in Jaipur owing to robust demand for mustard oil in the ongoing monsoon season. The seasonal demand for mustard oil rises by 20-25% during the monsoon season, which supports seed prices. In Jaipur, the benchmark market, the oilseed was sold at 4,250-4,270 rupees per 100 kg, up 10-20 rupees. Demand from stockists and crushers and a fall in arrivals also supported prices. Arrivals in Rajasthan were estimated at 55,000 bags (1 bag = 85 kg), down 5,000 bags. On NCDEX, the most-active July contract was at 4,105 rupees per 100 kg, up 13 rupees.

Mustard oil mills across the country crushed 650,000 tn of the oilseed in June, down 28% from the previous month. The on-month decline in crushing was because arrivals at key wholesale markets started shrinking as the lean season set in. During Mar 1-Jun 30, overall supply of the oilseed was at 4.8 mln tn. Arrivals in Rajasthan, the top producer, were at 1.6 mln tn, in Uttar Pradesh at 655,000 tn, ans Madhya Pradesh and Chhattisgarh at a combined 280,000 tn. Stocks with farmers, processors, and stockists were at 3.8 mln tn, he said. As on Feb 28, mustard carryover stock were estimated at 400,000 tn. Crushing of mustard may fall further in July, as arrivals have started declining.

EU rapeseed was quoted between unchanged and one euro per tonne up, supported by a firmer dollar, which underpins products quoted in euros, and worries over rapeseed yields due to a recent dry spell. Technical weakness in rapeseed futures limited gains.

Winter rapeseed had been harvested from 571.2 Th ha by July 10 (58% of its forecast harvest area of 983 Th ha). The crop amounted to 1370.2 KMT with an average yield of 2.4 MT/ha. As harvest advanced, the yield value went up. So, rapeseed yield as of July 10 was almost 16% higher than a year ago (2.07 MT/ha).

Prices of mustard seed rose in Jaipur due to strong demand from oil millers and crushers. In Jaipur, the benchmark market, the oilseed was sold at 4,240-4,260 rupees per 100 kg, up 10-20 rupees. Arrivals in Rajasthan remained unchanged at 60,000 bags (1 bag = 85 kg). Strong demand for mustard oil in the ongoing monsoon season supported prices along with expectation of a rise in demand for mustard meal.