NCDEX Mustard closed flat on Tuesday to close at 3,929 rupees per 100 kg. Last week, it hit strong resistance levels near 3970-3980 last week. Mustard output last year is pegged at 93.4 lakh tonnes in 4th Advance estimate by Government, up from 87.8 lt in 3rd estimate. Meanwhile, Nafed has commenced the sale of PSS Mustard seed rabi 2019-20 in Madhya pradesh from through NEML and MSTC portal. As per MOPA, mustard crushing increase 17% in July to 5.25% y/y. USDA maintain export forecast of rapemeal to 9 lt and output in 2019/20 at 77 lt (Vs 80 lt ) in its monthly report. As per SEA, rape meal exports also down 11% to 3.58 lt during the first four month of FY 19/20 compared to 4 lt last year. However, for July, Mustard meal exports were 19% higher y/y at 93,837 tn due to firm demand from South Korea.
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