Mustard Seed On NCDEX Settled Down By -1.48% At 3730

Mustard Seed on NCDEX settled down by -1.48% at 3730 on higher arrivals in local mandis. All India mustard seed arrivals were stood at 250,000-270,000 bags (80 kilogram per bag) as compared to 200,000-225,000 bags. Total arrivals in Rajasthan were around 135,000-140,000 bags, in Gujarat arrivals stood at 5,000-10,000 bags, in Uttar Pradesh inventories stood at 35,000 bags, in Haryana-Panjab mustard arrivals stood at 35,000-40,000 while in Madhya Pradesh mustard arrivals were at 10,000 bags. 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. 

As per USDA’s estimates, India is expected to export 0.35 mt of rapeseed meal in October to September 2016-17 compared to 0.29 mt in the same period the previous year. The USDA forecasts the global production of rapeseed for 2016-17 to be down by over 3 per cent at 67.9 mt due to reduced production from the EU and Canada resulting in 26 per cent decrease in stocks by year-end. China’s rapeseed market is undergoing a shift towards increasing meal imports compared to the import of rapeseed.

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