Mustard seed prices declined towards closing after remaining on higher side for the entire day.
Prices followed the soy complex despite the fresh crop arrivals declined to 15000 bags compared to 25000 bags previous day.
Spot prices of oil and seed also gained across major markets yesterday.
Outlook:
Mustard prices are projected to remain under pressure along with soy complex as the supply demand report showed unchanged numbers for soybean.
Rape seed production estimates for china and Russia also increased which might affect the market sentiments in India and keep prices under pressure.
Production estimates are still around 65 lakh tons compared to 70 lakh tons last year.
Solvent Extractor’s Association survey is due during this might which would project clear estimates for mustard production for 2012.
Courtesy: Karvy Commtrade Ltd.
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