Mustard Seed On NCDEX Settled Up By 0.37% At 3787

Mustard Seed on NCDEX settled up by 0.37% at 3787 tracking weakness in spot demand on expectation of higher supply. 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. Further the mustard crop is still waiting for harvest the weather will be very crucial in next one month. India's agriculture department in second advance estimated pegged mustard seed crop at 7.912 million tons as compared to 6.797 million tons a year ago. Sources projected new mustard crop between 6.5-7 million tons

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