NCDEX April RM Seed futures traded higher on 4th trading sessions and breached contract high and made a high of Rs 3525/qtl on account of strong gains in other oilseeds and vegetable oil.
Lower production estimates of RM Seed as lower sowing acreage coupled with crop damage report also provided support to the bulls.
According to Rajasthan farm department first advance estimates for Rabi crop, mustard output is estimated at 35.3 lakh tonnes in 2011- 12 compared to 38.8 lakh tonnes in 2010-11 season.
The country's mustard Rabi sowing has totaled 6.46 million ha as on January 05, 2012, down 5.4% from 6.82 million ha in the year-ago period.
Mustard seed accounts for about 70% of India's winter-season oilseed output.
Mustard Seed stock at NCDEX warehouses was 44,336 tonnes Monday as compared to 39,072 tonnes on Saturday.
Courtesy:Angel Commodities
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