Mustard Jun Futures Closed Higher

Mustard Jun futures closed higher and touched 5 week high on support of improved meal exports and diminishing supplies. Futures prices surged closed to 5.3% in the month of May. 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 5 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.

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