Mustard sowing has increased in 0.6 million hectares in the current year, due to which 12.1 million tonnes of the mustard crop will be produced, but due to the bone-chilling cold and dew, the mustard crop has lost 0.5 to 0.6 million tonnes, now 11.5 million tonnes of the mustard crop is estimated to arrive.
Current Scenario
The supply condition in all oil-oilseeds markets is excellent compared to last year. If we consider the world level, there was a perception of a massive decline in soybean crops in Argentina. Still, the USDA report has expressed an estimate of 41 million tonnes of the produce.
Mustard sowing has increased to 0.7 million hectares in India. There are some issues in the Ganganagar side mustard crop. Despite this, the production of 11.5 to 12.0 million tonnes of mustard is sure against last year’s production of 10.8 million tonnes, And last year’s old stock of 0.6 to 0.7 million tonnes will be carried forward. Last year, 1 to 1.5 million tonnes of refined mustard oil was made due to the ideal supply at the world level and in the local market. Mustard refined oil was also used in blending with soya oil refined, which is not likely to go into the current year. This will reduce the crushing of mustard, and its supply will increase.
Exceeding demand
Mustard is not likely to decline beyond $68.84 to $70.05 as demand for mustard is expected to exceed pipeline emptying in foreign, and mustard oil is unlikely to fall.
The MSP (minimum support price) of mustard is $65,82, and improvement in the price of mustard will be seen in April after the government’s procurement from MSP starts in March. Further, it is estimated to increase to $74,88 in April. For the next 3 months, the price of Jaipur mustard will remain in the range of $68,84 to 74,88.
To bring things to an end, there is no attraction for stockists and industries to buy mustard at lower rates due to the heavy mustard crop and good supply.
The mustard seeds brown bold sortex prices were Recorded at $0,76 per kg FOB.
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