Mustard Seed Futures Continue Its Lower

Mustard seed futures continue its lower trend due to steady physical demand and progress of mustard sowing in Rajasthan. The spot prices have also down yesterday. Last week the prices have improved due to lower level buying and pickup in industrial demand. The Nov’16 contract ended 0.58% down to settle at Rs. 4,491/quintal. The rabi sowing in the largest mustard producing state, Rajasthan has started. According to government data, Rajasthan has sown 13.7 lakh hectares as on 24th Oct 2016, up by 191.5% higher compared to last year acreage. However, Agriculture ministry in its first rabi sowing report pegged 3,900 ha Vs 2,400 ha as on 18th October . The country's production of rapeseed is expected to increase by 12.5% to 6.3 mt from a year earlier.

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