Mustard Aug Futures Closed Higher On Thursday

Mustard Aug futures closed higher on Thursday on reports of heavy rains in Gujarat and Rajasthan damaging stored rmseed in warehouses and with farmers. The prices have been trading in a range since last two weeks due to good supplies.

As per Agmarknet, the arrivals of mustard seed was lower in first 25 days in July at 96,404 tonnes compared to 1,36,938 tonnes in June same period. Moreover, there is 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.

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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