Rmseed On NCDEX Settled Down -0.87% At 4800

Rmseed on NCDEX settled down -0.87% at 4800 amid expectation of higher supply. Prices also seen under pressure due to high acreage and favourable weather. However downside seen limited as demand for mustard oil cake usually remained at peak level in winter, starting from November. Mustard oil is consumed by nearly 75% of the population in northern part of India during winter season. Mustard seed acreage so far for the season is pegged at 5.8 million hectares year on year up by 17.8%, government data showed. 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 now, up by 191.5% higher compared to last year acreage.

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