Mustard Seed On NCDEX Settled Up By 1.28% At 3548

Mustard Seed on NCDEX settled up by 1.28% at 3548 on short covering tracking weakness in spot demand and other oilseed counters after falling due to weak demand from the oil mills on higher supplies and lower prices of mustard oil in domestic market. As per recent data from Solvent Extractors Association , mustard oil imports increased 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. According to Solvent Extractors Association around 29,143 tonnes of canola oil is imported in May’17 which is 55.7% y/y however down by 9% on m/m. 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.

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