Mustard Seed On NCDEX Settled Up By 0.28% At 3538

Mustard Seed on NCDEX settled up by 0.28% at 3538 on short covering after prices dropped due to higher supplies of crop in the physical market amid bumper crop forecast this season. Stockiest and millers are buying in the market at lower price levels.

Due to lower prices in the current season, the arrivals of mustard in the physical have been lower during the second half of May compared to first half. During last 15 days, only 1 lt of mustard arrivals recorded compared to 1.51 lt, as per data.

As per third advance estimates, the production of most important rabi oilseed, rapeseed & mustard, is expected to increase by 12 lt to 79.8 lt compared to last year. Mustard meal exports have been lower by about 51.7% in April 2017 at 6,842 tonnes compared to last year in April. Last year, India exports about 14,160 tonnes of meals in April.

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