NCDEX Mustard Seed likely to move in a range of 3854-3942

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Technically NCDEX Mustard Seed is getting support at 3876 and below same could see a of 3854 level, And resistance is now likely to be seen at 3920, a move above could see prices testing 3942.

Mustard Seed on NCDEX settled down by 0.33% at 3898 on profit booking after prices gained on expectations of emergence of rapeseed meal from China. Nafed will not sell mustard at a discount after the ongoing procurement season; rather may sell the oilseed at a profit.

Mustard output may be lower than earlier estimates due to adverse weather conditions . National Agricultural Cooperative Marketing Federation of India (NAFED) purchased nearly 3.37 lakh tons of mustard seeds in Rajasthan, Haryana and Madhya Pradesh.

This quantity is small as the operative agency has announced to procure 20 lakh tons of seed this season as against nearly 9 lakh tons last season. India’s 2018-19 mustard seeds output is projected at 8.4 million tons-a record.

All India mustard crop arrivals in the second week of is reported at 2.07 Lakh MT which is 40.81 percent higher than the last year arrivals of 1.47 Lakh MT in the same time periods. Higher arrivals are due to higher production estimate this year.

According to the latest report of SEA, all India mustard production for 2018-19 is estimated at 8.5 million MT which is around 18.88 per cent higher than last year production estimate of 7.15 million MT.

Higher production estimate is due t0 higher sowing acreage and favourable weather condition in major producing states. USDA revised its production forecast by 21% to 80 lt in April monthly report from 66 lt last month. In Alwar spot market in Rajasthan the prices gained 38.65 Rupees to end at 4012.15 Rupees per 100 kg.

Trading Ideas:
–Mustard Seed trading range for the day is 3854-3942.
–Mustard Seed dropped on profit booking after prices gained on expectations of emergence of rapeseed meal from China.
–Nafed will not sell mustard at a discount after the ongoing procurement season.
–European rapeseed production revised down to 18 million tonnes in 2019.
–In Alwar spot market in Rajasthan the prices gained 38.65 Rupees to end at 4012.15 Rupees per 100 kg.

Courtesy: Kedia Commodities

Source: Commodityonline.com