Bargain buying seen in mustard seed futures in today's trading on the account of steady movement in other oilseeds. Prices have been augmented by almost 1% in today's trading.In order to stimulate domestic edible oil industry from the steep decline in edible oil prices, finance ministry has levied a 20% custom duty on crude soyabean oil. This has prompted some buoyancy in oilseeds such as Soyabean and Crude palm oil.
Similar trend was also observed in mustard seed market as well. Prices of January Benchmark Furture have been augmented by almost 1% in today's trading and were trading at Rs 435 per 20 kg.However, bearish sentiments are still languishing in mustard market. As per latest sowing acreage released by Directorate of Oilseed, the total sowing acreage of mustard seed was stood at 46.89 lakh hectares against 31.84 hectares reported last year in the same period.
Major sowing acreage spurted in states like Rajasthan,Madhya Pradesh and Haryana as their sowing acreage swelled by 173% , 180% and 131% against the previous year's sowing acreage of the same period. The major rise was primarily on the account of higher prices of mustard seed throughout the year along with strong rainfall received during the kharif season.
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