Mustard Seed On NCDEX Settled Down By -1.12% At 3974

Mustard Seed on NCDEX settled down by -1.12% at 3974 tracking weakness in spot demand on profit booking after prices seen supported amid government measures. Stockiest are ready to pay around Rs 4,100 per quintal in anticipation of strong demand for oil and meal in coming days. According to SEA of India, exports of mustard meal increased sharply to nearly 97,891 tons, due to higher demand from South Korea.

Exports have spurted to 664,000 tons for the FY 2017-18 compared to previous year's export volume of 214,000 tons. National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) purchased total 538,710 ton mustard seed in the various producing states until May 18, said sources. Government authorized the cooperative giant to purchase mustard seed from farmers at Rs 4,000 per quintal inclusive of Rs 100 as bonus.

Maximum quantity of 248,829 ton mustard seed has been purchased in Rajasthan, the largest producing state, said sources. Crushing margins have witnessed loss of Rs 97 per tons recently compared to Rs 769 per ton profit reported early in the month. Data from MOPA showed, total marketable surplus of 7 million tons around 2.8 million tons mustard have arrived in the market till April 30 remaining 5.3 million tons are still with farmers and stockist.

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