Mustardseed futures plunge on good plantation report

Mustardseed prices fell sharply by Rs 108 per quintal in futures trading today after participants cut down their bets amid reports of good sowing and persistent arrivals from growing regions.
Besides, muted demand in spot markets kept pressure on prices.
Marketmen said, the fall in mustardseed prices at futures trade was mostly attributed to trimming of positions by participants, triggered by reports of higher sowing in Rajasthan and Gujarat and steady inflow of arrivals from growing regions.
At the National Commodity and Derivatives Exchange, mustardseed delivery for January tumbled by Rs 108 or 2.47 per cent to Rs 4,268 per quintal, having an open interest of 35,370 lots.

Mustardseed for delivery in far-month April also dropped by Rs 41 or 1.04 per cent to Rs 3,897 per quintal, in an open interest of 10,080 lots.