Prices of mustard seed rose in Jaipur due to rise in demand from domestic oil millers and crushers, and a decline in supply. Seasonal buys for mustard oil during rainy season lifted demand for seed, thereby supporting prices.
NCDEX Mustard seed prices edged further higher by Rs 5 in futures trading as speculators indulged in raising their bets on the back of strong sentiment at the spot markets. Widening of positions by players, tracking a firm trend at the spot markets on increased offtake by oil mills mainly kept mustard seed prices higher.
The government is in no hurry to introduce genetically modified food crops in the country, three months after the sector regulator gave its nod to commercialization of GM mustard, because of widespread opposition from different quarters. The government has decided to examine all objections raised by scientists and farmers before taking a decision on genetically engineered (GE) mustard. Pursuant to recommendation of GE mustard by GEAC (Genetic Engineering Appraisal Committee), several representations and concerns have been raised by a wide range of stakeholders including scientists, policymakers, farmers and NGOs. The issues raised are manifold, like long-term health and environmental impact, herbicide tolerance, loss to honey bees and pollinators, outperformance of native varieties, no enhancement in yields, etc. All these issues are under examination.
Mustard seed contracts were up on the NCDEX owing to a pickup in demand for mustard meal from overseas buyers. On the NCDEX, the most-active September contract was trading up 0.81% from previous close. Seasonal demand for mustard oil during the rainy season also supported seed prices.
Mustard seed prices in Jaipur were up for the second straight day due to a fall in supply coupled with seasonal demand from oil millers and crushers. Demand for mustard oil increases during the rainy season, thereby improving demand for the seed. Supply has declined as farmers are holding on to their produce because they expect prices to rise in the coming days.
Prices of mustard seed rose in Jaipur as seasonal demand for mustard oil following rains supported seed prices. A fall in supply, coupled with improved demand from domestic oil millers and crushers, also supported prices.
The Centre informed the Supreme Court that a decision on the commercial release of genetically modified mustard seed is likely to be taken in September, as farmers typically begin sowing the crop in October. If the decision is in favour of the release, then it will hear the plea against the commercial launch of genetically modified mustard seed in the second week of September. Right now, the government has only 15 kg of GM mustard seed, enough to cultivate about 10 ha, but the environment damage that these 15 kg seeds alone will do in the long run will be irreversible.
Prices of mustard seed in Jaipur extended previous close gains due to shrinking supply of the oilseed coupled with a pick-up in demand from Stuckists. Seasonal demand for mustard oil also supported mustard seed prices. Arrivals have declined because farmers are holding on to their produce on expectations of a rise in prices in the coming days.
Prices of mustard seed in Jaipur extended gains due to a fall in arrivals coupled with improved demand from stockists and oil millers. Subdued demand for mustard meal, however, capped gains in prices.
Mustard seed futures contracts were up on the NCDEX due to bargain buying after prices hit a one-week low. On the NCDEX, the most active August contract traded up 0.44% from previous close. A decline in stocks at exchange accredited warehouses also supported prices.
Prices of mustard seed rose in Jaipur due to a pickup in demand from domestic stockists after prices fell for two straight days. A fall in arrivals also supported prices of the commodity. Subdued demand from domestic oil millers and crushers, along with tepid demand for mustard meal from overseas buyers, however capped gains in prices.
The Centre assured the Supreme Court that even if it were to go ahead with commercial release of genetically modified mustard seed, the actual launch will take at least two years. Govt: Have only 15 kg GM mustard seed right now.
Prices of mustard seed were down in Jaipur due to an increase in arrivals amid subdued demand from stockists after prices rose for four straight sessions. Weak demand for mustard oil from overseas buyers also weighed on prices of the oilseed.
The NCDEX has marked 4,240 tonne mustard seed for staggered delivery in the July contract. The bourse has also marked 1,720 tonne of cottonseed oilcake, 840 tonne of castor seed, 550 tonne of soybean, 528 tonne of jeera, 430 tonne of guar gum, 420 tonne of coriander, 250 tonne of barley, 190 tonne of maize, 150 tonne of guar seed, 25 tonne of turmeric and 20 tonne of wheat for staggered delivery in the July contract.
Futures contract of mustard seed was down on the NCDEX, due to sluggish demand for mustard oil from overseas buyers. On the NCDEX, the most-active August contract traded down 0.24% from previous close. A fall in stocks at the exchange warehouses, however, cushioned fall in prices.
Mustard seed prices in Jaipur were down because of lower demand from the oil millers. However, arrivals across the country were unchanged at 95,000 bags (1bag=85kg). The most active August futures ended down 1%. Weakness in the entire edible oil complex due to expectation of a cut in the import duty on the crude palm oil is also seen creating bearish sentiment.
No decision has been taken so far on clearance to commercial release of genetically modified mustard seed in India. The Centre submitted before the court that on Jul 24 it will file a detailed report on how it plans to go about the launch, including a tentative date by which the decision is likely to be taken. India has so far not allowed transgenic seed in food crop, and cotton is the only crop where genetically modified seeds are allowed for commercial use. Genetic Engineering Appraisal Committee had cleared a genetically modified brinjal seed for commercial use, but the government had put a moratorium on its release.
Mustard seed prices in Jaipur hit a one-month high up 30 rupees from previous close, on a fall in arrivals and due to improved demand from domestic oil millers and crushers. Seasonal demand for mustard oil has lifted seed prices. Supplies are lower as farmers are not ready to sell much of their produce at existing rates, as they expect prices to rise in the coming days.
Futures contracts of most constituents of the edible oil basket, barring degummed soyoil, rose on the domestic commodity exchanges. Futures of mustard rose over 1% on the National Commodity and Derivatives Exchange noting gains in the spot markets. Prices of mustard rose in the key market of Jaipur as the supply was not sufficient to meet the demand from domestic oil millers and crushers. Weak export demand for mustard meal from overseas buyers, however, capped gains in prices.
The agriculture department in Rajasthan has estimated mustard output in 2016-17 (Jul-Jun) to rise by 21% on year to 3.94 million tonne because of higher yields. According to the fourth advance estimate, output of guar in Rajasthan, the largest producer of the crop, may fall 37% on year to 1.4 million tonne in 2016-17.