NCDEX Mustard Seed likely to move in a range of 3781-3863

0
23

MCX under short covering; Support seen at 4029

MCX Crude Palm under long liquidation

NCDEX Ref. Soya oil likely to move in a range of 737-747

MCX Silver under fresh selling; Resistance seen at 38456

Article continues below Advertisement...

NCDEX Soyabean likely to move in a range of 3634-3720

Technically NCDEX Mustard Seed is getting support at 3797 and below same could see a of 3781 level, And resistance is now likely to be seen at 3838, a move above could see prices testing 3863.

Mustard Seed on NCDEX settled down by 0.63% at 3813 on expectation of higher production prospects this year. Mustard production is forecast about 84 lakh tonnes, up 1% y/y, in second advance estimate for 2018-19 by Government.

As per SEA, the production will be higher by about 19% this season to over 81 lakh tonnes due to better climate and higher area. According to data compiled by the Mustard Oil Producers Association of India, mustard oil mills across the country crushed 500,000 tn of the oilseed in February, up 33.3% on year.

The National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) sold almost its entire stock of mustard seed – the agency purchased during 2018-19 (Apr-Mar), said sources. The co-operative giant bought total 878,404 tons of mustard seeds from farmers at 4,000 per quintal in the markets of Haryana, Rajasthan, Madhya Pradesh, Uttar Pradesh, West Bengal and Gujarat.

As of now, the cooperative agency sold 864,522 tons in the open market and the balance is lying mainly in Haryana, said sources. India’s rapemeal exports up by 84% on year at 8.98 lt. January and February months are lean season for rapemeal exports.

Mustard oil mills across the country crushed 400,000 tn of the oilseed in January, up 23.1% on year, according to data compiled by the Mustard Oil Producers Association of India. Upbeat demand from mustard meal exporters ramped up the crushing operations, the official said. In Alwar spot market in Rajasthan the prices dropped 25.75 Rupees to end at 3909.15 Rupees per 100 kg.

Trading Ideas:
–Mustard Seed trading range for the day is 3781-3863.
–Mustard Seed prices dropped on expectation of higher production prospects this year.
–Mustard production is forecast about 84 lakh tonnes, up 1% y/y, in second advance estimate for 2018-19 by Government.
–As per SEA, the production will be higher by about 19% this season to over 81 lakh tonnes due to better climate and higher area.
–In Alwar spot market in Rajasthan the prices dropped 25.75 Rupees to end at 3909.15 Rupees per 100 kg.

Courtesy: Kedia Commodities

Source: Commodityonline.com