Mustard seed futures extend weakness

Mustard seed prices fell further by Rs 19 to Rs 3,826 per quintal in futures trade today as speculators indulged in offloading holdings, triggered by a weak trend at the physical markets.

At the National Commodity and Derivatives Exchange, mustard seed for May contract slackened

by Rs 19 or 0.49 per cent to Rs 3,826 per quintal in a business turnover of 1,10,750 lots.

In a similar fashion, the delivery in June contract eased by Rs 18 or 0.46 per cent to Rs 3,863 per quintal, with an open interest of 45,870 lots.

The fall in mustard seed prices at futures market was largely due to trimming of bets by participants amid a weak trend at the spot markets on ample stocks following arrivals of new crop in the market against reduced offtake by consumers.