Mustard is getting faster. On the commodity exchange NCDEX, mustard prices have risen by Rs 28 or 0.71 percent to Rs 3963 per quintal. Similarly, the February contract price is trading at around Rs 29 or 0.74 percent at Rs 3926 a quintal. Let us know what is said about the sense of mustard in the near future.
According to Rudra Investment expert, due to rearing, the harvest of a mustard crop in Haryana and Punjab is estimated to be damaged. Because of this, the price in futures can again cross Rs. 4000. Expert recommends that the February futures on NCDEX should be bought at a price of Rs 3,910. Keeping a stop loss of Rs 3830, you should set a target of Rs 4100. This business strategy (target) of Rudra Investment expert is for the next 10-12 business sessions.
Expert of Rudra Investment, China has allowed import of mustard meal (Khali) from India. In Rajasthan and Uttar Pradesh, sowing of mustard has been good. This has seen pressure on the prices of mustard recently. But now it is believed that production may decrease.
The production of mustard in 2017-18 (July-June) has been 71 lakh tonnes, which was 69 lakh tonnes last year.
According to the latest data from Rudra Investment expert this year 6 lakh tons of mustard oil was exported. The most demanded export of Mustard Khali comes from South Korea, Thailand, and Vietnam. Export of Mustard Khali in these countries is about 87 percent of the country's total mustard exports of Khali.
Export of Mustard Khali to Korea reached 77% in the year 2018-19 to 2.8 lakh tons, while exports in Thailand increased three times to 1.5 lakh tons in the same period. Due to higher domestic production, due to low prices of Mustard Khali in the 2018-19 season, the demand for Indian mustard meal has increased in the international market.
Looking forward to improving the export demand from Korea and Thailand and keeping close stocks with farmers and oil mills, this year, prices of mustard prices are estimated to increase.
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