Mustard Seed Futures Gain Yesterday

Mustard seed futures gain yesterday on lower level buying by the market participants on expectation of good demand from the retail market. However, good sowing progress and subdued demand for meal exports capped further gains. Higher veg oil imports also pressurize the prices. NCDEX Jan ’16 futures closed 1.44 % higher at Rs. 4,289 per quintal. There are reports of favorable crop condition in mustard producing States further pressurizing the price.

Area coverage of RM seed this year is lower by 4.30 lakh ha compared to corresponding period of Rabi 2014-15 as per latest SEA circular. Until, 17 Dec, 59.4 lh area is sown compared to 63.7 lh last year same time. 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 November to 2.95 lt .

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