Old New Spreads Narrow in Mustard
PANAMA - Jul 26/19 - SNS -- Mustard seed markets finished the week mostly unchanged against light, summer trading interest.
Processors continue to offer farmers premiums for new crop product, but the spread between the average spot bid and average new crop bid for the two major classes of mustard seed narrowed during the past week, suggesting old and new crop markets are starting to come together.
The average new crop premium for farmers dressed No 1 Canada yellow mustard dropped from U.S. $27 per metric ton (MT) to $10.50 during the week, while the No 1 grade brown mustard seed new crop premium fell from $22 and $8.30 MT. Oriental bucked the trend, with the average new crop premium jumping from $18 to $26 MT.