Mustard Seed On NCDEX Settled Down By -0.89% At 3802

Mustard Seed on NCDEX settled down by -0.89% at 3802 tracking weakness in spot demand despite of expectation of supply worries. However upside seen limited amid supply worries as weather forecast indicates that rains may occur in key mustard growing areas of Rajasthan from 9 to 11 March which might delay harvesting activity. 

Traders and bulk consumers demand is muted in anticipation of pick in arrivals from March 15 the supply of mustard seed as 75% of the harvesting is completed in key mustard growing areas. Both crushers and stockiest are in wait and watch situation as how much the prices are likely to decline when arrivals hit mandies in full swing. India's mustard output is estimated to rise to 6.9 mln tn in 2016-17 (Jul-Jun), from 5.8 mln tn a year ago, due to better yield and favourable weather, a survey done by the Central Organisation for Oil Industry and Trade and Mustard Oil Producers Association showed.

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