Indian mustard crop stock is estimated to remain at 4 to 4.5 million by now. Last year, farmers had seen very high prices around 0,90$ to 1,0$ per kg. Therefore, at the beginning of the season, mustard was not sold with the hope of a price rise. At present, the price of mustard is 0,60$ to 0,70$ per kg in the markets. Mustard has recently been reduced by 0,20 per kg.
Due to the sharp and rapid fall in the price of edible oils in the last 3 months, buying has become less. At present, no one is interested in purchasing mustard oil in Gujarat due to the price of palm oil being 1,07$ per kg.
Except chemicals Industries, no major purchase of mustard oil remains during this time period. Demand for mustard seeds in the international market for crushing is also not expected in the next two months.
Good rains in producing areas
Sowing of mustard is estimated to increase by 10 to 15% across the country and 8 to 10% in Gujarat. Due to good rains in the last phase in Gujarat, all the dams of North Gujarat overflowed and the sowing of mustard will increase due to the availability of water. Due to the availability of enough water in Banaskantha, Dhanera, Raniwada, Bhilmar, Sanchore and Sumerpur, only mustard is being sown in this belt this season.
The price of mustard may remain range bound till Diwali but after Diwali the price of mustard is expected to decrease further by 0,50 to 0,60 per kg.
The mustard seeds brown bold sortex prices were recorded at $0,84 per kg FOB.
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