Mustard Seed Futures Close Lower

Mustard seed futures close lower for the week by about 1 percent on lower demand at higher prices. Good sowing acreage and favorable weather conditions also weigh on prices. However, reports of good sowing progress and subdued demand at higher prices capped further gain. NCDEX Apr’16 futures closed 1.06 % down at Rs. 4,105 per quintal. Mustard oil consumption has fallen over the past two to three months by almost 60%. There is a worry in the industry about the rabi crop as the winter chill, which is required for the mustard crop, is still missing.

Area coverage of RM seed this year is lower by 3.5 lakh ha compared to corresponding period of Rabi 2014-15 as per latest government data release. Mustard is planted on 60.8 lakh hectare. In Rajasthan, 23.7 lh has been sown as on Dec 17, compared to 24.34 lh sown last year same time. On the export front, the shipment of rapeseed meal exports plunge y/y by more than 61.4 per cent until Nov to 2.95 lt.

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