Mustardseed futures prices declined by Rs 34 to Rs 2,905 per quintal in the future trade on Wednesday on heavy selling by traders, amid reports of higher output.
Market analysts said, reports of better crops in mustardseed growing regions such as Rajasthan, Haryana, Uttar Pradesh forced traders to reduced their holdings.
Fall in demand from oil mills and vanaspati ghee-making industries pulled down the trading sentiments, they quoted. At the National Commodity and Derivatives Exchange counter, mustardseed for delivery in June dropped by Rs 34, or 1.16 per cent, to Rs 2,905 per quintal, with an open interest of 3,580 lots.
Current April-month delivery contract also fell by Rs 28, or 0.98 per cent, to Rs 2,841 per quintal, with an open interest of 41,090 lots.