Mustard May Futures Edged Higher

Mustard May futures edged higher for the second consecutive day on Friday supported by lower level buying from the market participants. However, prices are still trading at 7 month low on concern over sufficient stocks with the traders and oil mills. According to data compiled by the Mustard Oil Producers Association of India (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. In 2017-18 (Oct-Sep) mustard output in India is seen at 64 lt, down 9% because of lower acreage. As per SEA data, the export of rape oilmeals during March 2018 is provisionally reported at 23,499 tons compared to 52,071 tons in Feb 2018, i.e. down by 55%. However, exports have been 162% higher at 5.62 lt for the FY 2017/18 compared to previous year’s export volume of 2.14 lt.

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