Rmseed On NCDEX Settled Down -0.46% At 3874

Rmseed on NCDEX settled down -0.46% at 3874 on expectation of higher supply. Pressure also seen on the prices after government reported robust sowing data for the week. According to Agriculture Ministry's data Indian farmers have planted mustard seed on 7 million hectare area. 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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