Mustard Seed On NCDEX Settled Down By -0.81% At 3931



Mustard Seed on NCDEX settled down by -0.81% at 3931 on profit booking tracking weakness in spot demand after prices gained on lower arrivals in the local mandis. New mustard seed arrivals across the country totalled at 315,000 bags against 650,000 on previous session. India is expected to produce around 6.5-7 million tonnes (mt) of rape mustard seeds in 2016-17 as compared to 5.8 mt produced in 2015-16 due to higher acreage and improving productivity. The carry-forward stock from the previous season was around 0.15 mt. The Ministry of Agriculture expects 8.5 mt of mustard seeds to be produced in the current rabi season against 6.8 mt a year ago, as per its 4th advanced estimates. Higher price levels seen before sowing, favourable weather and a hike of over 10.4 per cent in MSP to Rs. 3,700/Q (including Rs. 100 bonus) explain the increase in acreage by over 9 per cent to 7.05 million hectares.

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