Prices of mustard seed in Jaipur, the benchmark market for the commodity, rose for the third consecutive day due to higher demand from domestic oil millers and stockists. In Jaipur, the oilseed was sold up 10 rupees from previous close. Lower arrivals also supported prices of the oilseed. Supplies have declined because farmers are holding on to their produce, as they expect prices to rise in the coming days.
Australia 2017-2018 canola output is seen at 3.12 million tonne, down 26% on year, due to seed shortages and inadequate rains. Patchy and light rains so far and forecast of insignificant rains over the next few weeks has dented outlook for canola harvest.
Futures contract of mustard seed hit a two-month-high of 3,657 rupees per 100 kg because of strong demand for the edible oil and seed for crushing. On NCDEX, the July contract was at 3,642 rupees per 100 kg, up 0.8% from previous close, while the most-active August contract was up 0.9% at 3,682 rupees. Higher demand for the edible oil has led to an increase in oilseed purchases, and is supporting upside in mustard seed prices.
Prices of mustard seed in Jaipur extended Saturday gains due to improved demand from domestic stockists after a recent fall in prices. In Jaipur, the benchmark market, the oilseed was sold up 30 rupees from previous close. Arrivals across the country were estimated at 130,000 bags (1 bag = 85kg), compared with 115,000 bags on previous close.
Oil mills in the country crushed 550,000 tonne mustard seed in June, 23% lower from the previous month. Mills had crushed about 712,500 tonne the oilseed in May. Oil mills have crushed about 2.9 million tonne mustard since the start of the crushing season since Feb 15, as against total arrivals of 3.4 million tonne during the period.
Prices of mustard seed up 30 rupees in Jaipur due to bargain buying by market participants after a recent fall in prices. Arrivals across the country 11,050 tonne vs 10,625 tonne.
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High arrivals weigh on Jaipur mustard seed prices.