Mustard Jun Futures Edged Lower

Mustard Jun futures edged lower for the second consecutive day this week on Tuesday due to profit booking by the market participants. Futures prices have surged about 7.16% or Rs. 269 per quintal in the month of May but it corrected about 2.2% in last two sessions. As per latest SEA import data, mustard oil imports were down 14% on year in April which may lead to higher domestic crushing.

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. 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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