Mustard Seed Futures Close Down

Mustard seed futures close down last week as the sowing progress is weighing on the prices. Moreover, the supplies seem to be higher compared to demand as stockists are not keen to hold on to the lod stocks. The Jan’17 contract ended about 3% down last week to settle at Rs. 4,455/quintal. As per agriculture ministry data, Country’s mustard acreage in the ongoing rabi season touched 65.5 lakh hectares (lh) as on Dec 16 up 9.7% from a year ago. Rajasthan, the top mustard producing state, planted 27.6 lakh ha, up 16% from a year ago similarly acreage under mustard increase in Uttar Pradesh at 11.75 lh Vs 11.9 lh last year. In MP, mustard is sown in 6.84 lh Vs 6.2 lh last year same time.

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