Mustard Seed Settled Down By -2.34% At 4293

Mustard Seed settled down by -2.34% at 4293 continuing its weak trend on weak demand in export market. Rapeseed meal export is also reduced to 1/3rd of last year. Prices of rm seed were also down on higher stockpiles of seed in local market after Food and Civil Supplies Department has imposed the oilseeds inventory limit on wholesalers and the retailers in the recent notification. Mustard prices were also continued its decline on the back of FED stock. Around 17,000 tons FED stock in Jan expiry will weigh on prices. Rapeseed meal exports from India slumped 67.17% on year to 12,845 tons in November on weak demand from South Korea and Thailand, data released from Solvent Extractors Association of India (SEA) showed.

The net sowing area however lags behind that of last year. Going by the latest government data, total cropped area is 54.16 lakh hectares as against last year’s 60.91 Lakh hectares. Total area in the Rajasthan has now reached 23.25 lakh hectares versus 25.84 lakh hectares last year. Meanwhile total sowing area in the country as on Nov 27 stood reported at 49.32 Lakh ha versus 58.21 Lakh ha last year same period.

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