On NCDEX Settled Down By -1.44% At 3501

On NCDEX settled down by -1.44% at 3501 due to weak demand from the oil mills due higher supplies and lower prices of mustard oil in domestic market. Prices also remained under pressure on robust output in country. 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. India's 2016-17 rapeseed/mustard output is projected at 7.91 million ton by agriculture ministry while trade body SEA projected output at 7.2 million ton. During 2015-16, India produced 7.79 million ton of rape/mustard seed according to ministry of agriculture. Rape/mustard seed's exports during April dropped by 51.69% to 6,842 tons as compared to 14,163 tons in April 2015, data released by Solvent Extractors Association of India (SEA) showed. Mustard meal exports have increase 1275% in May this year at 42,488 tonnes compared to last year in May.

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