Rmseed On NCDEX Settled Down -0.54% At 3519

Rmseed on NCDEX settled down -0.54% at 3519 tracking weakness in spot demand 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 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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