Mustard Seed On NCDEX Settled Up By 2.08% At 3967

Mustard Seed on NCDEX settled up by 2.08% at 3967 tracking firmness in spot demand amid lower level buying. However upcoming mustard crop has entered into the prodding stage and weather is favourable till next week due to which traders are anticipating that new mustard crop will be higher by around 10-15% over last year. Buyers are hesitant to source the commodity despite lower stocks in the country as they anticipate poor demand for mustard oil and mustard oilcake will offset thin stocks. Mustard sowing is completed on 6.953 million hectare as compared to 6.276 million hectare, higher by 10.8%.Congenial sowing conditions and higher prices forced farmers to take buoyant sowing of Mustard in Rajasthan, Madhya Pradesh and Uttar Pradesh.

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