Mustard seed futures fell drastically on Monday eroding Saturday’s gains on emergence of fresh selling.

Weakness in soy complex market had its spill over effect on mustard seed market. Projection of record Kharif oilseeds production added bearishness to the market.

Outlook

The mustard seed futures are likely to trade on a negative note on Tuesday on extended selling pressure.

Weakness in soy market is likely to lend support to the mustard seed market. Projection of record Kharif oilseeds production due to higher acreage and favourable weather condition is also adding pressure to the market.

Spot prices are quoting at `2706 per quintal. As on 4th September, NCDEX warehouses are having a stock of 119,224 tons. Rise in open interest and fall in price is indicating further weakness in the prices.

Courtesy: Karvy Commtrade Ltd.

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