Mustard Jun Futures Traded On Positive Note

Mustard Jun futures traded on positive note on Wednesday and continue its uptrend for the 4th successive week as physical demand is constantly improving. Futures prices surged closed to 6.5% or Rs. 244 per quintal in the month of May and prices have recovered about 7% from its low during the current quarter (AprJun). There reports of lower mustard oil imports and improved meal exports. 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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