Capital stroke NCDEX Update : MUSTARD SEED 20 MAY 2014

Mustard seed June futures traded on a negative note on Monday tracking weak soybeans coupled with a strong domestic currency and settled 2.17% lower. However, mustard meal exports demand and a cut in the output estimates supported prices at lower levels.

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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