Mustard seed June futures recovered from lower levels last week on demand from millers for mustard meal exports and declining arrival pressure. A cut in the output estimates also supported prices.
Mustard meal export surged 132% to 125,872 tn in Apr ’14 compared to 54,077 tn in Apr ’13. Sowing of mustard seed in 2013-14 stood at 7.13 mn ha as against 6.73 mn ha last year. Agriculture ministry in its 3rd advance estimates pegged 2013-14 mustard output at 7.8mn tn, down 2.9% compared to 8.03 mn tn in 2012-13.
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