Mustard Seed Settled Up by 1.68% At 4607

Mustard Seed settled up by 1.68% at 4607 due to receding arrivals of oilseeds in local mandies. As per the latest data of Ministry of Agriculture overall sowing acreage of oilseeds stood at 65.68 lakh hectares down 5.80 lakh hectares from the last year in the same period. Rapeseed meal export is also reduced to 1/3rd of last year. 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. 

Global rapeseed production is projected at 67.5 million tons in the December month USDA report, and this is up 0.5 million with a larger crop in Canada only partly offset by a lower forecast for India. Similarly Canadian rapeseed production is raised by 1.7 million tons to 17.2 million based on the latest survey results from Statistics Canada.

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