Mustard Seed On NCDEX Settled Down By -0.42% At 3756

Mustard Seed on NCDEX settled down by -0.42% at 3756 tracking weakness in spot demand on oversupply woes. Data released by the Solvent Extractors Association of India today showed Rapeseed/Mustard including Taramira crop output increased to 6.971 million tons compared to 5.8 million tons during last year. Earlier, Ministry of Agriculture also predicted rm seed output to increase by more than 16-18% to about 8 million tons in 2016-17. The carry-forward stock from the previous season was around 0.15 mt. The Ministry of Agriculture expects 8.5 mt of mustard seeds to be produced in the current rabi season against 6.8 mt a year ago, as per its 4th advanced estimates. Higher price levels seen before sowing, favourable weather and a hike of over 10.4 per cent in MSP to Rs. 3,700/Q (including Rs. 100 bonus) explain the increase in acreage by over 9 per cent to 7.05 million hectares.

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