Presently, the commodity in NCDEX opened on a negative note due to lack of buying support from the domestic traders.
on the NCDEX, mustard seed for June delivery traded down 1.29% to Rs 4045 ($75.08, €57.98, ￡46.67).
According to analysts, the prospects of mustard seed is bullish as the oil mills are experiencing huge shortage of oilseeds and also the production cut forecast by the Central Organisation for Oil Industry Trade (COOIT). The COOIT has forecast mustard seed production at 6.03 million tons. While, according to 3rd production estimate released by government, the production is predicted to be higher than COOIT estimates and pegged at 6.96 million tons.
India’s oilseed production is not sufficient to meet the domestic requirement of the country and therefore imported. In NCDEX, for May delivery, mustard seed traded down 1.27% to Rs 3975 ($73.78, €56.97, ￡45.86) per 100 kilograms.