Mustard Seed On NCDEX Settled Up By 0.65% At 3571

Mustard Seed on NCDEX settled up by 0.65% at 3571 tracking firmness in spot demand on short covering after prices on oversupply woes. Rape seed/mustard seed output in Rajasthan during 2016-17 is estimated at 3.73 million ton on the back of higher acreage, according to third advance estimates released by the state government. Last year, Rajasthan produced 3.25 million ton rape/mustard seed. Rapeseed/mustard seed acreage stood at 2.68 million hectare up from 2.53 million hectare a year ago, showed data.

Rape/mustard seed's exports during May also spurted to 42,488 tons as compared to 3,090 tons in May 2015, data released by Solvent Extractors Association of India (SEA) showed. 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 of mustard seed in the physical market is lower during first 20 days of June compared to May. As per data, the mustard arrivals were 1.13 lakh tonnes this month compared to 2.08 lakh tonnes during last month.

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