Mustard Jun Futures Closed Higher On Wednesday

Mustard Jun futures closed higher on Wednesday supported by technical buying by the market participants. Prices also supported by higher meal exports during the month of April. According to SEA latest export report, exports of mustard meal is sharply increased by 173% on year to nearly 97,891 tons, due to higher demand from South Korea. Exports have been 209% higher at 6.64 lt for the FY 2017/18 compared to previous year’s export volume of 2.14 lt.

However, it is still trading at 7 month low on concern over sufficient stocks with the traders and oil mills. According to data compiled by the MOPA, as of Apr 30, overall mustard stock in the country were estimated at 53 lakh tonnes (70 lt production minus 17 lt crushed), out of which 42 lt is still with the farmers while 11 lt with the oil mills and stockists. The USDA’s latest GAIN report forecast that mustard production may be around 70 lt in 2018/19 season due to normal rains.

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