Mustard Likely To Remain Consolidated Until Mid-February

The carry forward stock of mustard is expected to be 0.5 million tonnes because when the season started, the rates were high but gradually, it cooled down and, thus, resulted in a 10% decline. Apart from this, given the loss of 5 to 7% and warehouse freight, some stockists will retain mustard instead of selling it.

Lack of cold

The mustard crop is currently estimated to be 1.15 to 1.20 million tonnes. Mustard sowing has not increased in Gujarat, but in some areas, the sowing has decreased by 5% since last year. Due to the lack of cold, there is a perception of a 15 to 20% reduction in mustard production in Gujarat.

There is still uncertainty about how the yield will come because the climate was good at the sowing stage of mustard, but experts are uncertain regarding the yield due to adverse weather conditions later.

Future Scenario

The price of soybean is low in the market, and due to the closure of the mustard contract in NCDEX, multinational companies will not come to buy for hedging. The stockists will also not come to the market for purchase as they have incurred losses in the current year. Due to this, the price of mustard will decrease after the pressure of new arrivals.

Mustard prices will remain range bound from January 15 to February 15 as the pressure of new arrivals will come after February 5. After the formation of incoming pressure, the price of mustard seed in Jaipur will come down. Looking at the balance sheet of mustard production and supply, there is less possibility of mustard price decreasing from MSP (minimum support price) in the new season. According to market analysts, it is the best option for stockists to stock mustard.

The Mustard seeds brown bold prices were recorded at $0,79 per kg FOB.

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