Ncdex RM Seed Tips

Mustard seed Recovers On Bargain Buying

Mar-13-2012

Date: 13.03.2012

Sharp recovery was seen in mustard seed market due to bargain buying by stockiest and millers along with strong demand of mustardseed oil cake. The NCDEX futures spurted by almost R 50 per quintal today. Traders suggested that steady offtake by stockiest and millers at lower levels enabled the strong gains in futures market. Traders also stated that weak production of mustard seed in the current year might keep the mustard seed prices supportive in the current year. As per latest mustard seed crop estimates of SEA of India estimated that the total mustard seed production in the current year is likely to decline 8% to 62.68 lakh tonnes against 68.50 lakh tonnes that were reported in the current year. This is mainly on the account of poor sowing acreage along with poor productivity levels in the major producing states. Consequently, the NCDEX March Benchmark contract gained more than R 55 per quintal to trade to R 3681 per quintal today. Powered by Commodity Insights