Mustard Aug Futures Closed 0.4% Down Yesterday

Mustard Aug futures closed 0.4% down yesterday tracking weak physical demand and sufficient supplies. However, the prices have been trading in a range due to improvement in exports of meal during the first quarter of 2017/18 helped gain 23% in last one month. Meal exports from the country during the first quarter increase to 1.36 lakh tonnes from 60,889 tonnes last year same period.

According to data compiled by Mustard Oil Producers Association of India, Oil mills in the country crushed 550,000 tn mustard seed in June, 23% lower from the previous month. As per Agmarknet data, the mustard arrivals during current week (Mon-Thu) are 17,698 tonnes compared to last week’s arrivals of 12,552. Higher stocks level in country is still pressurizing prices.

Mustard prices have been under pressure this season due to record production in 2016/17 and higher imports of Mustard oil during the current oil year started Nov 2016. As per SEA recent data, mustard oil imports for period Nov-May increase 5% to 1.18 lt in 2016/17 from 1.72 lt in the previous year. Moreover, imports increase by 55.7% in May compared to last year imports.

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