Seed Mustard Seed Futures Closed Lower

Seed Mustard seed futures closed lower on technical selling at higher levels however, anticipation crop damage due to recent rains capped further loss. NCDEX Apr’16 futures closed 0.54 % lower at Rs. 3,894 per quintal. Meanwhile, withdrawn on stock limit by Rajasthan government may further support prices at higher levels.

India's mustard output is seen rising for the first time in three years at 6.84 mt as per second advance estimates by Dept of Agriculture. Last year, the production was 6.31 mt. As per second advance estimate released by Commissionate of Rajasthan, mustard production is forecasted at 34.95 lt compared to 28.8 lt last year. As per latest government data release, area coverage of RM seed this year is little lower at 64.8 lakh hectare (lh) compared to 65.14 lh sown in last year.

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