Mustard Seed Prices Rise on back of Rising Demand Oil Meals

Mustard Seed prices rose on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) on the back of rising demand for oil meals in domestic as well as in global markets. Moreover, as per the 3rd Advance Estimates of Crop Production for 2011/12 released by Ministry of Agriculture India's mustard seed production is estimated at 6.96 million.

Prices for the Major producers of RM seeds are China (23 per cent), Canada (19 per cent), India (14 per cent), Australia (3 per cent), Ukraine (2 per cent). India produces 5.5 million MT to7 million MT annually. At the NCDEX, Mustard Seed futures for July 2012 contract traded at Rs. 3,945 per quintal, up by 1.10 per cent, after opening at Rs. 3,900 against the previous closing price of Rs. 3,902. It touched the intra-day high of Rs. 3,958.