Mustard Oil Prices Trend and Forecast

North America

The first quarter of 2023 saw a fluctuation in Mustard Oil prices in North America due to unstable market dynamics. As a result of the unsettling year of low crop yields following weeks of dry weather, prices rose throughout the first part of the quarter. According to farmers and agricultural organizations, the supply constraints brought on by the pandemic and inflation are driving up the cost of their supplies. Although product prices were somewhat stable in the second half of the quarter, prices stabilized. The offtakes were heading downward, which caused prices to drop, and also, because of shifting market emotions, the prices were also altering.

Asia Pacific

In the Asia Pacific region, the prices for Mustard oil were seen fluctuating in the first quarter of 2023. Prices were already high due to an overproduction of mustard oil at the start of the first half in response to the pricing trend of the first quarter of 2023. Prices have increased since India's import tax on vegetable oils has been extended to March 2023. The price decreased in the second half compared to the first quarter because of the early mustard crop harvest, which led to a significant supply. The supply-demand was balanced in the market because of the piled supply of mustard oil that had previously been imported from Russia. Prices continued to be the same, which were in the declining phase throughout the final month of the quarter. Near the end of the quarter in March, prices for Ex-Agra were estimated to be around USD 1677.16/MT.

Europe

In Europe, the price of Mustard oil fluctuated throughout the first quarter of 2023 as a result of competing market sentiments. The first half of the quarter saw an increase in costs as a result of the unsettling year of low crop yields following weeks of dry weather. Farmers and agricultural organizations contend that rising inflation and supply restrictions are increasing the cost of their inputs. Price stability resulted from the edible oil market's stability in the second half of the quarter. Prices decreased as a result of a decline in downstream businesses' offtakes. Prices fluctuated as the market mood shifted and grew increasingly dynamic.

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