Mustard Seed On NCDEX Settled Down By -0.65% At 3676

Mustard Seed on NCDEX settled down by -0.65% at 3676 due to weak demand from the oil mills on higher supplies and lower prices of mustard oil in domestic market. As per recent data from Solvent Extractors Association , mustard oil imports increased 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. Mustard arrivals began in mid-February, while supply started in March in full swing.

Arrivals in mandies started shrinking in June due to beginning of lean season. India is estimated to have produced 6.9 mln tn mustard in the crop year that ended June, up nearly 19% from 5.8 mln tn a year ago, due to better yield and favourable weather, a joint survey by the Central Organisation for Oil Industry and Trade and Mustard Oil Producers Association had reported. Total marketable surplus of mustard is pegged at 6.78 mln tn, after including carryover stock of 200,000 tn from last season and deducting 350,000 tn of seed retained by farmers for sowing and direct consumption, the official said.

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