Mustard seed prices closed higher by 1.63 per cent on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the decline in the supply for the commodity in the major markets. At the NCDEX, mustard seed futures for April 2016 contract closed at Rs. 3,933 per quintal, up by 1.63 per cent, after opening at Rs. 3,860 against the previous closing price of Rs. 3,870. It touched the intra-day high of Rs. 3,949. India produces 5.5 million MT to7 million MT annually and about 0.15 million MT is retained for sowing and direct consumption as seed which leaves about 4.8-5.1 million MT for crushing and extracting oil.
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