Mustard Seed On NCDEX Settled Down By -1.39% At 3820

Mustard Seed on NCDEX settled down by -1.39% at 3820 on weak demand and on higher supply. Prices of the rm seed will be down after government reported robust sowing data for the week ended to Jan 27. According to Agriculture Ministry's data Indian farmers have planted mustard seed on 7.05 million hectare area, up 9.30%. In the same period a year ago sowing was 6.45 million hectare, data showed. After a drop in output over the past two years, production of mustard is seen rebounding this year on the back of higher rabi acreage. Trade sources estimate the crop to be between 6.5 and 7 million tonnes, mainly on account of the higher acreage and prevailing weather conditions in the major producing States of Rajasthan and Madhya Pradesh.

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