Mustard Holds Key Support Levels, Trade Expects Fresh Rally Ahead
The mustard market traded within a narrow range throughout Monday, but consistent buying support at lower levels helped the market recover and maintain firmness. In Jaipur, mustard prices closed steady at ₹7,400 per quintal and continued to hold the strong ₹7,300�7,400 range. Bharatpur witnessed a sharp recovery of ₹75, with prices climbing back to ₹7,025 per quintal. Meanwhile, Delhi mustard declined by ₹50 to ₹7,100, Charkhi Dadri remained stable at ₹7,050, and Sumerpur strengthened by ₹40 to ₹7,280 per quintal. Despite heavy arrivals, the market has not shown any major breakdown. Daily mustard arrivals are currently estimated at around 9.5 lakh bags, which is considered more than double compared to last year. However, strong demand for mustard meal has made it difficult for processing plants to secure adequate supplies according to their requirements. This is why buying interest is emerging on every decline, providing strong support to the market. Among processing plants, SALONI Plant�s top rate improved by ₹50 to ₹8,200 per quintal. Major plants continue to remain aggressive buyers. Adani Plant held steady at ₹7,300, while Goyal Kota traded at ₹7,400, Agra BP at ₹7,800, and Sharda at ₹7,800 per quintal. Kirti Soyabean Plant drew market attention after recording a sharp jump of ₹220, taking prices to ₹7,251 per quintal. The edible oil market also maintained a firm tone. Jaipur Kachchi Ghani mustard oil remained steady at ₹1,481 per 10 kg, while Bharatpur, Alwar, and Morena were quoted at ₹1,480. Expeller oil prices stayed unchanged at ₹1,461 in Jaipur and ₹1,455 in Delhi. Strong demand for mustard meal continued to act as the backbone of the overall market. Bharatpur meal prices surged ₹80 to ₹3,100, Alwar gained ₹50 to ₹3,000, and Charkhi Dadri improved ₹40 to ₹2,920 per quintal. In the international market, KLC palm oil recovered from 4,498 to 4,516, while CBOT soybean oil declined 0.77% to 74.68 cents. However, the domestic mustard market remained largely unaffected, as mustard oil is still trading cheaper than other edible oils and domestic demand continues to improve steadily. Market analysts believe that the ability of mustard prices to remain firm despite such large arrivals reflects the market�s underlying strength. According to Mandi Market Media, once arrivals begin to decline after May 15, the pace of the rally could accelerate further, and mustard prices may break above the ₹7,500 resistance level. Looking ahead, traders point out that the government currently does not hold significant mustard stocks, as prices have consistently remained above the MSP and large-scale procurement could not take place. As a result, if prices continue to rise, the government may have limited options to release stocks into the open market to control the rally. Based on current market conditions, there is strong possibility that mustard prices could move toward ₹8,000 per quintal in the long term, while mustard oil prices may reach ₹1,700 per 10 kg.