Mustard Jul Futures Close Lower

Mustard Jul futures close lower by more than 1% yesterday due profit booking by the market participants as demand seems to fall at higher prices. Moreover, increase in imports of Mustard oil also pressurize price. As per SEA recent data, mustard oil imports increase by 55.7% in May compared to last year imports. Moreover, imports for period Nov-May increase to 1.18 lt in 2016/17 from 1.72 lt in the previous year.

The trend is still upwards as there is tight supplies in the physical market and improving crushing demand. Meal exports from the country during last month jumped which improves demand for oilseed. Mustard meal exports have increase 1275% in May this year at 42,488 tonnes compared to last year in May. Last year, India exports about 3,090 tonnes of meals in May.

The arrivals have increase slightly been in the physical market lst week. As per agmarknet data, the mustard arrivals were 32,496 tonnes last week compared to 32,194 tonnes in the previous week.

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