Mustard seed prices drifted lower to Rs 22 on Thursday

Mustard seed prices drifted lower by Rs 22 to Rs 4,187 per quintal in futures trade Thursday after participants reduced their holdings in line with a weak trend at physical markets.

Marketmen said off-loading of positions by participants, driven by a weak trend at spot markets due to fading demand from oil mills amid heavy stocks position pulled down mustard seed prices.

Besides, slackness in demand for the mustard cake from cattle-feed makers weighed on mustard seed futures, they added.

At the National Commodity and Derivatives Exchange, mustard seed for October fell by Rs 22, or 0.52 percent, to Rs 4,187 per quintal with an open interest of 72,490 lots.

The mustard seed for the delivery in November receded by Rs 22, or 0.51 percent, to Rs 4,251 per quintal, depicting an open interest of 11,710 lots.