Rmseed On NCDEX Settled Down -0.15% At 3890

Rmseed on NCDEX settled down -0.15% at 3890 on late profit booking after prices seen supported as government started procurement at Rs 3,700 per quintal in the spot market. As per market sources nearly 1200 tons have been purchased so far. With recent fall in prices mustard seed crush margins have turned positive thus demand from processors also expected to gather momentum which further kept rm seed prices up. 

Further arrivals are lower than expected due to resistance in farmer selling. 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. Rapeseed-Mustard is the main oilseed crop for the Rabi season which is planted on more than 80% area covered under oilseeds. Rajasthan, Uttar Pradesh, Madhya Pradesh, Haryana and Gujarat are the highest sown states of mustard seed accounting for more than 70% of total mustard acreage in the country. 

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