On NCDEX Settled Up By 1.19% At 3561

On NCDEX settled up by 1.19% at 3561 on short covering after prices dropped on oversupply woes and sluggish demand in local mandi. Prices have already slipped below its MSP level due to bumper production this season. 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. 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.

Mustard seed arrivals across India are under pressure as decreasing mandi rates forced farmers to hoard their stocks. Farmers are hoarding stocks on expectation of higher prices in near term. All India rape/mustard seed arrivals stood at 245,000 bags (80 kilogram per bag) 255,000 bags on previous day.

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