Mustard Seed On NCDEX Settled Down By -0.13% At 3774

Mustard Seed on NCDEX settled down by -0.13% at 3774 tracking weakness in spot demand amid over supply worries. Demand slumped after the crushing disparity fell to Rs 700 per quintal. Lower demand of mustard oil with negative crush parity has led plants to shut off temporary in the Bharatpur area. Meanwhile, new mustard seed arrivals across the country totaled at 225,000 bags against 485,000 on previous session and crop quality is better than last year. 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.

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