Mustard Seed On NCDEX Settled Up By 0.8% At 3910

Mustard Seed on NCDEX settled up by 0.8% at 3910 tracking firmness in spot demand on short covering despite of increased arrivals. Data from MOPA showed, of 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.

Mustard crushing across the country was estimated at 800,000 tn in March, more than double from last month's 375,000 tn, according to data compiled by the Mustard Oil Producers Association of India. In March, mills increased crushing operations after new crop arrivals increased, an official with the association said. New crop arrivals begin in February, and gain momentum by March.

The arrivals remain in full swing till May and start dwindling from June. In March, total arrivals of mustard seed were estimated at 1.1 mln tn. The supply in Rajasthan, the largest grower, were at 550,000 tn, Uttar Pradesh at 190,000 tn, Madhya Pradesh and Chhattisgarh together were at 80,000 tn. Mustard crushing is likely to pick pace in the coming months as supply of the new crop gains momentum, and a higher output is estimated this year despite lower acreage.

The National Agricultural Cooperative Marketing Federation of India bought 291,895 tn of mustard in Rajasthan, Haryana, and Madhya Pradesh, an official with the agency said. In Alwar spot market in Rajasthan the prices gained 12.85 Rupees to end at 3844.75 Rupees per 100 kg.

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