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Weak foreign markets and slack buying dragged down mustard and its oil in Madhya Pradesh mandis.
The oil fell by Rs 10 each in Indore at Rs 827 a quintal, in Neemuch at Rs 820 and in Morena at Rs 830. Recent rainfalls have pushed down demand for mustard and its oil, pulling down prices.
In Rajasthan, the oil ruled stable at Rs 830 in Shree Ganga Nagar and at Rs 845 in Jaipur; it declined by Rs 5 in Kota to Rs 830 a quintal. It fell by Rs 5 to Rs 825 in Gujarat mandis. However, compared with last week mustard oil is ruling Rs 12 a quintal higher in Indore and Rs 5 a quintal higher in Neemuch, though it is down Rs 5 a quintal in Morena.
Traders expect the oil to remain weak for some time before arrivals drop and demand picks up ahead of the festival season.
Mustard seeds declined by Rs 100 to Rs 4,600 a quintal here. Though, in Neemuch, the seeds continued to rule stable at Rs 4,300 a quintal on slack arrival and strong buying support. Plant deliveries of mustard also declined on slack buying support quoting at Rs 4,479 a quintal and Rs 4,325 a quintal for Jaipur and Ganga Nagar. For Alwar, it was quoted slightly higher at Rs 4,485 a quintal.
Mustard seeds futures traded lower on slack buying support. August and September contracts on the National Commodity and Derivatives Exchange closed at Rs 4,408 a quintal (down Rs 79) and at Rs 4,476 a quintal (down Rs 76).
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