Mustard Prices Soar in Southern Haryana Mandis

In various mandis of southern Haryana, the wholesale price of mustard has surged by $0,180-0,300 per kg. Trade sources report this price increase, indicating that mustard is eager to touch the $0,72 per quintal level. The most significant rise occurred in Narnaul Mandi. Trader Omprakash noted that the minimum support price (MSP) has increased by $0,018-0,03 per kg. After the government’s higher-than-expected mustard procurement, arrivals in the mandis have remained minimal. Bharat Bhushan Gupta, a trader in Charkhi Dadri mandi, mentioned that the arrival of mustard in our mandi and others in the region has been decreasing considerably. The demand from oil mills remains strong compared to the arrivals.

Prices Climb as Oil Mill Demand Outpaces Supply

Babulal Singhal, a trader in Bhiwani mandi, shared a similar view, stating that the market sentiment is being influenced by the minimal arrival of mustard from farmers. This situation has caused the prices of this major Rabi oilseed to trend upward in the markets recently.

• In Narnaul Mandi, the wholesale price of mustard rose by $0,03, reaching $0,68-0,69 per kg.
• Mustard oil also saw an increase of $0,480, climbing to $1,38-1,39 per kg.
• Similarly, in Charkhi Dadri Mandi, mustard increased by $1,80, reaching $0,6960-0,70 per kg.
• The price of mustard oil rose by $0,360, reaching $1,35-1,36 per kg.
• In Bhiwani Mandi, mustard rose by $1.80, reaching $0,68-0,69 per kg, and mustard oil increased by $0,0360, reaching $1,36-1,38 per kg.
• In Hansi Mandi, mustard oil jumped by $0,060, reaching $1,36-1,38 per kg, and mustard increased by $2,40, reaching $0,68-0,69 per kg.

Government Actions and Market Trends to Influence Future Prices

Traders believe that after the government stopped procurement, there was already an expectation of a rise in mustard prices. It was believed that mustard could touch the $0,72 per kg level anytime. Currently, mustard is only one step away from this level and could reach it soon. The question remains about the future market situation after this milestone is achieved. There might be a slight correction in mustard prices, but this does not mean that the price will not rise again. A bullish trend could reemerge in the coming days. However, this rise depends on whether the government decides to sell mustard from its warehouses in the market or not.

Mustard prices in southern Haryana are on the rise, nearing $0,72 per kg, driven by strong demand from oil mills and minimal arrivals in mandis. Farmers are holding back their stock, anticipating even higher prices. The market sentiment remains bullish as supply pressures persist. However, potential government sales from mustard warehouses could introduce more supply into the market, potentially stabilizing prices.