Rmseed On NCDEX Settled Up 1.28% At 3651

Rmseed on NCDEX settled up 1.28% at 3651 on short covering tracking spot demand amid firmness in other oilseed counters. 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. The arrivals of mustard seed in the physical market is lower during first 20 days of June compared to May. As per data, the mustard arrivals were 1.13 lakh tonnes this month compared to 2.08 lakh tonnes during last month. The Forest and Environment Ministry may grant permission for GM mustard farming with some riders next month in view of protest by some non-government organizations (NGO), said a source in the ministry.

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