Except for mustard seed, all other commodities in the oilseed witnessed profit booking. Oct RM seed hit another record high on the back of higher demand for mustard oils in the spot market.
Crushing of mustard seeds by oil millers declined over 31% on year to 550,000 tonnes in July, data from Marudhar Trading Agency. Mills had crushed 800,000 tonnes of the oilseed during the same period last year, and in June this year, they crushed 600,000 tonnes of mustard. Low arrivals in physical markets hit crushing operations. Arrivals of the oilseed fell to almost 500,000 tn in July from 640,000 tonnes a year ago.
According to the Solvent Extractors ‘ Association, India will likely produce around 10 million tonnes of mustard in 2020-21 (Jul-Jun), up 35% from a year ago, due to the higher acreage and favourable weather conditions of India. • Farmers in the country have sown mustard across 6.9 million, up 10.6% on the year, in 2020-21 (Jul-Jun) season so far, data from the farm ministry.
India is likely to grow a record 10 million tonnes mustard crop in 2020-21 (Jul-Jun), mainly due to the likelihood of a sharp rise in acreage, according to the Solvent Extractors’ Association of India. The government has targeted an all-time high crop of 12.5 million tonnes for this rabi season.
| Futures | Spot | |
| Contract/spot | RAPE MUSTARD SEEDS – SEP21 | Jaipur
|
| Rate | 8410 | 8526.9 |
| % chg | 0.54 | 2.36 |
| 1 week low | 8110 | 8277.15 |
| 1 week High | 8492 | 8526.9 |
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