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Monday, July 4, 2022

NCDEX Mustard Seed under fresh selling; Support Seen at 3980

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Technically Mustard Seed market is under fresh selling as market has witnessed gain in open interest by 22.6% to settled at 17900 while prices down 12 rupees.

Now NCDEX Mustard Seed is getting support at 3980 and below same could see a test of 3953 level, And resistance is now likely to be seen at 4035, a move above could see prices testing 4063.

Mustard Seed on NCDEX settled down by 0.3% at 4007 as poor demand from millers for producing oil and rapeseed meal kept buyers on the sideline. In recent session, prices seen under pressure amid reports of sale by NAFED and weak demand in spot market.

According to the latest Rabi sowing progress report, as on now all India mustard acreage for 2018-19 is reported at 34.70 lakh hectares which is 6.34 per cent lower than 2017-18 acreage of 37.05 lakh hectares.

Despite higher MSP of mustard, acreage has fallen due to lower availability of water. However, acreage may increase in the coming days depending upon the water availability. Mustard production target for 2018-19 is 84.86 lakh metric tonnes.

According to the fourth advance estimate of government, India mustard production estimate for 2017-18 is 83.22 lakh metric tonnes which is 5.11 percent higher than the 2016-17 production estimate of 79.17 lakh metric tonnes.

The ongoing trade dispute between USA and China has created a lot of uncertainty and making China to look out to other countries for their requirements of oilmeals. China has allowed mustard meal imports from India.

However, strict quality parameters, export guidelines and registration formalities have dampened exports in the near term.In Alwar spot market in Rajasthan the prices dropped 51.5 Rupees to end at 4128 Rupees per 100 kg.

Trading Ideas:
–Mustard Seed trading range for the day is 3953-4063.
–Mustard Seed dropped as poor demand from millers for producing oil and rapeseed meal kept buyers on the sideline.
–According to the latest Rabi sowing progress report, as on now all India mustard acreage for 2018-19 is reported at 34.70 lakh hectares.
–NCDEX accredited warehouses mustard seed stocks dropped by 38 tonnes to 5842 tonnes.
–In Alwar spot market in Rajasthan the prices dropped 51.5 Rupees to end at 4128 Rupees per 100 kg.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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