Mustard Seed Ends Higher On Rising Demand

Mustard seed prices closed higher by 0.02 % on Wednesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the decline in the supply for the commodity in the major markets. At the NCDEX, mustard seed futures for October 2015 contract closed at Rs. 4,634 per quintal, up by 0.02 per cent, after opening at Rs. 4,652 against the previous closing price of Rs. 4,633. It touched the intra-day high of Rs. 4,794.

India produces 5.5 m MT to7 million MT annually and about 0.15 m MT is retained for sowing and direct consumption as seed which leaves about 4.8-5.1 million MT for crushing and extracting oil.

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Mustard Seed Ends Lower As Demand Weakens

 

MustardSeed prices closed lower by 0.77 per cent on Wednesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the profit booking by the traders on account of the weak crushing and export demand of mustard meal. At the NCDEX, Mustard Seed futures for Sept 2015 contract closed at Rs. 4,236 per quintal, down by 0.77 per cent, after opening at Rs. 4,273 against the previous closing price of Rs. 4,269. It touched the intra-day low of Rs. 4,228.

Sentiment weakened further due to the sluggish export demand as a result of the weak demand for the commodity.

EU-27 accounts to about 34 per cent of worlds RM seed production, others major producers are China (23 %), Canada (19 % ), India (14 % ), Australia (3 % ), Ukraine (2 % ). India produces 5.5 million MT to7 million MT annually. 

 

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