Indian oilseed prices climb
THE price of mustard seeds in India has risen to Rs15,000 (£217) a tonne from Rs11,000 in a month following the withdrawal of Indian farmers, reports the Financial Times.
The rise has come despite the fact that India has harvested a crop of nearly 6 million tonnes in the current season, against 4.5m tonnes last year.
The newspaper says farmers are refusing to sell at lower prices.
Trade officials say prices will remain under pressure as the US Department of Agriculture has forecast a record crop of 288m tonnes in 1998-98.
A marginal fall in the production of soybean and cotton seed will be more than made up by rises in the supply of groundnut, sunflower and rape seed.
The price of refined palmolein, which constitutes the majority of oil imports, fell from £356 a tonne to £292 over the past three months.
- Financial Times 23/04/99 page 32