Mustard Seed Dropped On Profit Booking

Mustard seed dropped on profit booking after prices gained on reports of heavy rains in Gujarat and Rajasthan damaging stored rmseed in warehouses and with farmers. Pressure also seen due to weak demand from the oil mills on higher supplies and lower prices of mustard oil in domestic market. As per recent data from Solvent Extractors Association , mustard oil imports increased 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. As per data, 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.

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