Mustard seed futures corrected on Wednesday on profit taking at higher levels and settled 1.06% lower. Weak soybean prices also added to the downside pressure. Prices gained over the last few days on mustard meal export demand.
Mustard meal export increased 114.26% to 87,637 tn in July ’14 compared to 40,902 tn in July ’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 4th advance estimates has pegged 2013-14 mustard output at 7.96 mn tn, down 0.85% compared to 8.03 mn tn in 2012-13.
Outlook
Mustard seed may trade on a mixed note. Meal export demand, lower arrivals and lower output may support prices. However, weak soybean prices may cap the upside and pressurize prices at higher levels.
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