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Procurement of mustard has exceed 9.19 lakh tonnes as on June 27 in the ongoing rabi marketing season. Total value of the mustard procured at minimum support price of ₹5,490 per quintal exceeds ₹5,011 crores, as per the latest data from NAFED.
Over 3.84 lakh farmers have been benefited from the mustard procurement, so far. The procurement is still going in some states such as Rajasthan, Uttar Pradesh and Gujarat.
Haryana topped the list of states from where mustard is being procured followed by Rajasthan and Madhya Pradesh.
In Harayana, over 3.47 lakh tonnes of mustard has been procured valued at ₹1,891.72 crore. Similarly in Rajasthan, over 2.94 lakh tonnes of mustard has been procured valued at ₹1,605.68 crore. In Madhya Pradesh over 1.67 lakh tonnes of mustard, valued at ₹913 crore has been procured, while in Uttar Pradesh about 26,324 tonnes valued at ₹43.47 crore has been purchased.
As per the second advance estimates, the production of rapeseed mustard during 2022-23 is at a record 128.18 lakh tonnes over previous year’s 119.63 lakh tonnes.
Meanwhile the bearish trend in the edible oil prices and rising imports continue to weigh on the mustard prices. India’s imports of edible oils registered an increase by about a fifth during the Nov-May period of oil year 2022-23 at 9.05 million tonnes as compared to 7.54 million tonnes in the same period of the previous oil year
In Rajasthan, the largest producing state, modal prices of mustard are ranging between ₹4,250-5,100 per quintal, lower than the MSP of 5,490. However, the prices have shown some improvement in the recent days.
The bearish trend in the mustard prices has made the Indian rapeseed-mustard meal competitive in the export markets such as South Korea, Vietnam, Thailand and other Far East Countries. As per the Solvent Extractors Association of India, rapeseed meal shipments registered a new record at 22.96 lakh tonnes in the FY23. In the current financial year, the exports of rapeseed meal stood at 4.8 lakh tonnes during April-May as compared to 3.98 lakh tonnes in the same period last year.
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