Mustard Seed On NCDEX Settled Down By -1.44% At 3501

Mustard Seed on NCDEX settled down by -1.44% at 3501 tracking weakness in spot demand due to higher supplies of mustard oil coupled with steady demand. Increase in imports of Mustard oil during the last month is pressurizing prices. As per SEA recent data, mustard oil imports increase by 55.7% in May compared to last year imports. Moreover, imports for period Nov-May increase to 1.18 lt in 2016/17 from 1.72 lt in the previous year.

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 increase slightly been in the physical market last week.

As per data, the mustard arrivals were 32,496 tonnes last week compared to 32,194 tonnes in the previous week. The US Department of Agriculture extended the round of downgrades to the European Union rapeseed harvest, citing "drought in Western Europe." The USDA, unveiling its monthly flagship Wasde crop supply and demand report, downgraded by 200,000 tonnes to 21.1m tonnes its forecast for the EU rapeseed crop, the world's biggest.

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