Money Market Guru — Selling intensified in mustard seed market on the account of strong supplies in local mandies. As per the latest crop survey data release by Neilson agency during the SEA of India mustard conclave that the total mustard seed production in the current year is estimated at 71.09 lakh tonnes plus 1.20 lakh tonnes of toria crop.
This is almost 2 lakh tonnes higher than the Mustard Oil Producers Association (MOPA) estimates of 69.25 lakh tonnes . The total crop in Rajasthan is reported at 33.05 lakh tonnes, while Madhya Pradesh and Haryana it is projected at 6.07 and 7.54 lakh tonnes respectively.
On the other side, strong arrivals also pressurized the prices at higher levels. The sources stated that total arrivals of around 6 lakh bags have been reported in local mandies with strong arrivals of around 3-3.50 lakh bags in Rajasthan. The spot prices are currently trading lower at Rs 3700 per quintal, down Rs 20 per quintal from last close. The NCDEX April futures also declined by 0.81% to trade at Rs 3963 per quintal.— Money Market Guru