Mustard Seed prices closed lower by 2.68 per cent on Monday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the profit booking by the traders on account of the weak crushing and export demand of mustard meal.
At the NCDEX, Mustard Seed futures for October 2012 contract closed at Rs. 3,775 per quintal, down by 2.68 per cent, after opening at Rs. 3,847 against the previous closing price of Rs. 3,879. It touched the intra-day low of Rs. 3,763.
Sentiment weakened further due to the sluggish export demand as a result of the weak demand for the commodity.
EU-27 accounts to about 34 per cent of worlds RM seed production, others major producers are China (23 per cent), Canada (19 per cent), India (14 per cent), Australia (3 per cent), Ukraine (2 per cent). India produces 5.5 million MT to7 million MT annually.