Mustard Seed On NCDEX Settled Down By -1.6% At 3514

Mustard Seed on NCDEX settled down by -1.6% at 3514 on oversupply woes and sluggish demand in local mandis. Prices have already slipped below its MSP level due to bumper production this season. 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.

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. During 2015-16, India produced 7.79 million ton of rape/mustard seed according to ministry of agriculture. 

Rape/mustard seed's exports during April dropped by 51.69% to 6,842 tons as compared to 14,163 tons in April 2015, data released by Solvent Extractors Association of India (SEA) showed. Mustard seed arrivals spurted in local mandis as farmers liquidate stock to prepare for 2017-18 Kharif sowing on prospect of early arrival of monsoon.

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