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Technically NCDEX Mustard Seed is getting support at 4015 and below same could see a test of 3984 level, And resistance is now likely to be seen at 4065, a move above could see prices testing 4084.
Mustard Seed on NCDEX settled up by 1.15% at 4047 tracking firmness in spot demand in view of lower acreage. Mustard seeds sowing stood marginally down at 5.96 million hectares until December 7, agriculture ministry data showed.
Higher exports during April-November rapeseed meal exports aided the firm trend. Meantime, NAFED sold 4,70o tons of mustard seed in Haryana and Rajasthan at Rs 3,869-3,891 per quintal and the co-operative agency still holding a stock of 397,549 tons.
India’s mustard acreage is likely to rise 6.5% on year to 6.7 mln ha in 2018-19 (Jul-Jun), as per the average of the estimates. The likely rise is seen on the back of a higher minimum support price and as farmers preferred sowing mustard over pulses in some parts of the country.
The expected rise in area under mustard seed this year is also because of a fall in temperatures in Rajasthan, the largest grower, which is favourable for the oilseed, agricultural scientists said. In Rajasthan, mustard acreage is likely to increase to over 2.3 mln ha from 1.9 mln ha last year, Agarwal said.
Farmers across the country had sown mustard across 5.79 mln ha, up 4.3% from a year ago, according to latest data released by the farm ministry.
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. In Alwar spot market in Rajasthan the prices gained 90.1 Rupees to end at 4231 Rupees per 100 kg.
Trading Ideas:
–Mustard Seed trading range for the day is 3984-4084.
–Mustard Seed prices gained tracking firmness in spot demand in view of lower acreage.
–Mustard Seeds sowing stood marginally down at 5.96 million hectares.
–NCDEX accredited warehouses mustard seed stocks dropped by 361 tonnes to 5049 tonnes.
–In Alwar spot market in Rajasthan the prices gained 90.1 Rupees to end at 4231 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
