Mustard Seed On NCDEX Settled Up By 0.11% At 3640

Mustard Seed on NCDEX settled up by 0.11% at 3640 tracking firmness in spot demand despite of good rains in Rajasthan which might have higher crop of mustard. The demand for mustard is expected to increase in coming weeks due to lower prices but higher stock levels in country is pressurizing prices. As per data, the mustard arrivals were 22,651 tonnes last week, lower as compared to 34,322 tonnes in the previous week.

Mustard prices have been under pressure due to higher production and increase in 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. Meal exports from the country during last month jumped which improves demand for oilseed.

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