Mustard Seed On NCDEX Settled Up By 0.16% At 3762

Mustard Seed on NCDEX settled up by 0.16% at 3762 on late short covering after prices dropped tracking weakness in spot demand on higher arrivals in local mandis. The production of rape-mustard seed (rmseed) in the country is expected to increase by more than 16-18% to about 800,000 tons in 2016-17, according to Ministry of Agriculture. All India mustard seed arrivals were stood at 265,000-270,000 bags (80 kilogram per bag) as compared to 255,000-260,000 bags.

 Total arrivals in Rajasthan were around 140,000 bags, in Gujarat arrivals stood at 10,000 bags, in Uttar Pradesh inventories stood at 40,000 bags, in Haryana-Panjab mustard arrivals stood at 35,000 while in Madhya Pradesh mustard arrivals were at 15,000 bags. Good weather and increase in minimum support prices (MSP), which attracted farmers to plant higher mustard, resulted into record crop of over 71.09 lakh tonnes, says industry body Solvent Extractors Association. The carry-forward stock from the previous season was around 0.15 mt.

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