Mustard seed prices may rise another 2 per cent

NEW DELHI: Mustard seed prices remain firm at Rs 42-44 a kg in mandis, well above the minimum support price of Rs 33.50 a kg across Rajasthan and Madhya Pradesh, where arrivals have picked up. Traders and companies expect prices to further rise by 2% in the next few days.

With production this year expected at 58 lakh tonnes, 3% less than the previous year, oil millers say they will try to keep retail prices of mustard oil stable. “Prices have steadily been increasing in mandis from Rs 35 a kg in the last week of March to the current price of Rs 44 a kg. This is largely due to fresh buying by stockists for leading oil millers,” said Anil Chattar, from Jaipurbased Marudha Trading company.

He said the prices were expected to remain firm, maximum by 2-3% in the short run. Similarly, Vinod TP, analyst at Cochin-based Geofin Comtrade, said that mustard seed prices had touched an all-time high on Monday this year.