Mustard Jun Futures Closed Lower Yesterday

Mustard Jun futures closed lower yesterday due to profit booking after surging about 1.37% on Monday. The trend is looking higher on expectation of improved demand and lower arrivals. Meal exports from the country during last month jumped which improves demand for oilseed.

Mustard meal exports have increase 1275% in May this year at 42,488 tonnes compared to last year in May. Last year, India exports about 3,090 tonnes of meals in May. The arrivals have been lower last week in the physical market. As per agmarknet data, the mustard arrivals down to 32,344 tonnes, last week compared to 59,125 tonnes in the previous week.

As per third advance estimates, the production of most important rabi oilseed, rapeseed & mustard, is expected to increased by 12 lt to 79.8 lt compared to last year.

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