Mustard Seed Ends Higher On Restricted Supply

Mustard seed prices closed higher by 2.63 per cent on Monday at the National Commodity & Derivatives Exchange Limited as a result of the decline in the supply for the commodity in the major markets. At the NCDEX, mustard seed futures for April 2016 contract closed at Rs. 4,140 per quintal, up by 2.63 per cent, after opening at Rs. 4,045 against the previous closing price of Rs. 4,034. It touched the intra-day high of Rs. 4,154.

India produces 5.5 million MT to7 million MT annually and about 0.15 million MT is retained for sowing and direct consumption as seed which leaves about 4.8-5.1 million MT for crushing and extracting oil.

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