Mustard seed futures soften on weak spot cues

Mustard seed prices dropped by Rs 30 to Rs 3,815 per quintal in future trading today as traders indulged in trimming their bets amid a weak trend at the physical markets owing to low demand.
Market players said cutting down of positions following shrinking demand from oil mills against constant supplies from producing regions, mainly attributed weakness in mustard seed prices here in the futures trade.
At the National Commodity and Derivative Exchange, mustard seed for delivery in April dropped by Rs 30 or 0.78 per cent to Rs 3,815 per quintal, in an open interest of 10,650 lots.
Mustard seed for the most-active delivery in May contracts also dipped by Rs 29 or 0.75 per cent to Rs 3,863 per quintal, with an open interest of 62,370 lots.