Mustard Seed On NCDEX Settled Up By 0.76% At 3844

Mustard Seed on NCDEX settled up by 0.76% at 3844 amid lower level buying after prices dropped on oversupply woes. 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. New crop arrivals have started in the small quantities in Madhya Pradesh and Rajasthan mandis amid weak demand. Harvesting has started in full swing in Kota division and today new mustard seed arrivals in Rajasthan totalled at 30,000 bags against 25,000 bags on previous session. Sowing of mustard has ended, with acreage of the key oilseed rising 9.3% on year to 7.06 mln ha this rabi season, data released by the agriculture ministry showed. The acreage under the oilseed has increased on year because of favourable weather conditions and adequate soil moisture, following good southwest monsoon rains.

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