Mustard Seed On NCDEX Settled Up By 0.22% At 3709

Mustard Seed on NCDEX settled up by 0.22% at 3709 on reports of crop damage in warehouses in Gujarat and Rajasthan. Arrivals in mandies started shrinking 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. Millers crushed around 11% of the total rape/mustard seed arrived till July 31 on strong demand ahead of festive season.

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