Mustard Seed On NCDEX Settled Down By -0.41% At 3636



Mustard Seed on NCDEX settled down by -0.41% at 3636 on profit booking after prices gained earlier amid higher output and hope of increasing demand. Prices also remained under pressure due to bumper production this year. Meal exports from India during last month jumped which improves demand for oilseed. Mustard meal exports increased in May to 42,488 tons compared to 3,090 tons in May 2016. Farmers sold 3.015 million tons till 31 May in line with last season. Crushing till May end is estimated at 260,000 tons leaving with a stock of 4.4-4.45 tons in hand.

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.

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