Mustard Seed On NCDEX Settled Down By -0.95% At 3648



Mustard Seed on NCDEX settled down by -0.95% at 3648 tracking weakness in spot demand due to profit booking. Mustard prices have been under pressure this season due to record production in 2016/17 and higher imports of Mustard oil during the current oil year started Nov 2016. As per SEA recent data, mustard oil imports for period Nov-May increase 5% to 1.18 lt in 2016/17 from 1.72 lt in the previous year. Moreover, imports increase by 55.7% in May compared to last year imports.

Moreover, reports of good exports of meal during the first quarter of 2017/18 also supported the prices. According to data compiled by Mustard Oil Producers Association of India, Oil mills in the country crushed 550,000 tn mustard seed in June, 23% lower from the previous month. Meal exports from the country during the first quarter increase to 1.36 lakh tonnes from 60,889 tonnes last year same period.

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