Mustard seed Down More Than 1 percent In Futures

New supplies of mustard seed in major mandies have reduced prices of futures in todays trading. The NCDEX futures declined by more than 1 percent today . The sources have reported daily arrivals of 7-8 lakh bags at all major mandies. However, preliminary field assessments from United States Department of Agriculture (USDA), the MY 2017/18 rapeseed and mustard production is now revised lower to 6.4 MMT from 6.7 million hectares. The estimated production is 9% below last year. After the dry planting phase, the weather has been conducive for overall growth of the crop and there has been no report of any major incidence of pest and disease infestation (if reports existed, they were below the annual average). The NCDEX May futures settled at Rs 3938 per quintal, down 1.4 percent from last close