Mustard Seed On NCDEX Settled Up By 0.2% At 4545

Mustard Seed on NCDEX settled up by 0.2% at 4545 on supply worries in global market. According to USDA's May report, global rapeseed production is forecast to decline in 2016/17 to 66.15 million tons as lower sown area is reported in Canada, Ukraine, the Europe, and China. Moreover, in Canada and EU the rapeseed production might fall due lower acreage and expectation of insect damage. New arrivals were reported in the range of 2-2.50 lakh bags today. 

The latest survey report from SEA OF INDIA, the total mustard seed crop for marketing year 2015-16 is estimated at 57.28 lakh tonnes against 50 lakh tonnes of the last year in the same period. The total crop size of Rajasthan is estimated at 26.02 lakh tonnes against 23.02 lakh tonnes of the previous year. Driven by higher yield of mustard seed, India’s oilseed production is seen higher by about 7 lakh tonnes (lt) for the year 2015-16 rabi season, according to the industry estimates. The Central Organisation for Oil Industry and Trade (COOIT) has pegged the overall rabi oilseed crop for 2015-16 at 77.41 lt – about 7.47 lt higher from the previous year’s 69.94 lt.

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