NCDEX Mustard Seed likely to move in a range of 3767-3851

0
261

NCDEX Chana likely to move in a range of 4437-4567

Mentha Oil under fresh selling: Support seen at 1566.2

MCX Cotton under fresh Resistance seen at 21840

NCDEX under short covering; Support seen at 15615

Article continues below Advertisement...

NCDEX Turmeric likely to move in a range of 6220-6460

Technically NCDEX Mustard is getting support at 3792 and below same could see a test of 3767 level, And resistance is now likely to be seen at 3834, a move above could see testing 3851.

Mustard Seed on NCDEX settled up by 1.06% at 3818 on hopes that government would soon start buying in more states at minimum support price (MSP) of Rs 4,200 per quintal. Arrivals in physical markets also remained restricted, as farmers are holding the and waiting for the government’s buying.

Agriculture ministry projected India’s 2018-19 mustard crop at 8.4 million ton versus 8.3 million ton the country harvested last year. The government increased buying target of mustard seeds for the current year by 81% on year to 1.57 million tons to protect the interests of farmers keeping in view 2019 general elections, said sources.

The polling for the Lok Sabha elections will be held in 7 phases starting from April 11 and results will be declared on May 23. Last year, National Agriculture Cooperative Marketing Federation Ltd (NAFED) purchased 8.71 million tons mustard seeds.

The country is likely to harvest 8.4 million tons – a record – mustard seeds during this rabi season as against 8.3 million ton a year ago, according to agriculture ministry data.  According Mustard Oil Producers Association of India (MOPA) data, about 74 lakh tonnes (lt) of mustard seed were crushed -February, up 14.5 per cent year on year.

In addition, exports of rapemeal also jumped more than 79 per cent to 9.63 lt, showed latest data from the Solvent Extractors Association of India (SEA).  In Alwar spot market in Rajasthan the prices gained 38.6 Rupees to end at 3870.5 Rupees per 100 kg.

Ideas:
–Mustard Seed trading range for the day is 3767-3851.
–Mustard Seed gained on hopes that government would soon start buying in more states at minimum support price.
–The government increased buying target of mustard seeds for the current year by 81% on year to 1.57 million tons to protect the interests of farmers.
–Agriculture ministry projected India’s 2018-19 mustard crop at 8.4 million ton versus 8.3 million ton the country harvested last year.
–In Alwar spot market in Rajasthan the prices gained 38.6 Rupees to end at 3870.5 Rupees per 100 kg.

Courtesy: Kedia Commodities

Source: Commodityonline.com