Mustard Seed On NCDEX Settled Down By -0.92% At 3648

Mustard Seed on NCDEX settled down by -0.92% at 3648 on oversupply woes and sluggish demand in local mandis. Prices have already slipped below its MSP level due to bumper production this season. Prices of the seed will also be down on weak demand in local as well as export market. Rape seed/mustard seed output in Rajasthan during 2016-17 is estimated at 3.73 million ton on the back of higher acreage, according to third advance estimates released by the state government.

Last year, Rajasthan produced 3.25 million ton rape/mustard seed. Rapeseed/mustard seed acreage stood at 2.68 million hectare up from 2.53 million hectare a year ago, showed data. Yield also rose to 1,391 kg up from 1,287 kg per hectare thanks to favourable weather. India's 2016-17 rapeseed/mustard output is projected at 7.91 million ton by agriculture ministry while trade body SEA projected output at 7.2 million ton.

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