Mustard Seed On NCDEX Settled Up By 0.16% At 3821

Mustard Seed on NCDEX settled up by 0.16% at 3821 tracking firmness in spot demand on short covering after prices dropped on oversupply woes in local mandis. According to third advance estimates released by Rajasthan government, India's biggest mustard seed producer expected to produce 3.73 million tons of seed during 2016-17 as compared to 3.25 million tons in the previous year. Meanwhile, Solvent Extraction Association of India at its first National Conclave on Rapeseed and Mustard held on Apr 25 planned to set a mustard technology mission to double mustard oilseed output to 15 million tons from current seven million tons by 2025. 

Good weather and increase in minimum support prices (MSP), which attracted farmers to plant higher mustard, resulted into record crop of over 71.09 lakh tonnes, says industry body Solvent Extractors Association. The rapeseed harvest in the EU, the world's top grower, will bounce back this year, US officials said, adding support to a growing consensus on rising production.

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