Mustard Seed On NCDEX Settled Down By -1.88% At 3542

Mustard Seed on NCDEX settled down by -1.88% at 3542 as market participants are expecting higher supplies of crop in the physical market amid bumper crop forecast this season. Stockiest and millers are buying in the market at lower price levels. As per third advance estimates, the production of most important rabi oilseed, rapeseed & mustard, is expected to increase by 12 lt to 79.8 lt compared to last year. Due to lower prices in the current season, the arrivals of mustard in the physical has been lower compared to last year at 5.57 lakh tonnes in the month of April 2017.

The average price of mustard futures have dropped to two years low in the month of May 2017 to about 3,700 per quintal compared to Rs. 4,440 in May 2016 and Rs. 4,000 in May 2015. Mustard meal exports have been lower by about 51.7% in April 2017 at 6,842 tonnes compared to last year in April. Last year, India exports about 14,160 tonnes of meals in April. India produced 7.79 million ton of rape/mustard seed according to ministry of agriculture.

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