Mustard Seed On NCDEX Settled Down By -0.65% At 3793

Mustard Seed on NCDEX settled down by -0.65% at 3793 on expectation of higher supply. President of MOPA said mustard that carry over stock as of Feb 1 is pegged at 400,000 ton. The upcoming mustard crop is in very good condition so the production of mustard this year is likely to be in the range of 6.5-7 million tons. With the expectation of good crop in 2016/17, the new season supplies will be at higher size in the country. In addition to that the carryover stocks from last year might be higher as country imported record mustard oil and exported multiyear low mustard meal. However, the prices will get some support from the increase in minimum support price (MSP) of Rapeseed & Mustard to Rs. 3,700 per quintal for 2016/17 from Rs. 3,350 per quintal last year.

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