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Technically Mustard Seed market is under fresh selling as market has witnessed gain in open interest by 6.52% to settled at 36250 while prices down 48 rupees.
Now NCDEX Mustard Seed is getting support at 3971 and below same could see a test of 3944 level, And resistance is now likely to be seen at 4045, a move above could see prices testing 4092.
Mustard Seed on NCDEX settled down by 1.19% at 3999 on sufficient supplies with government, higher acreage in Rajasthan and reports of delay in meal exports to China on strict norms.
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. The area under mustard/rapeseed cultivation is up by 0.34% at 59.6 lakh hectares (lha) as against 59.4 lha during the corresponding period in the previous rabi season.
The National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) sold nearly 374,000 tons or 42% mustard seeds from its total purchases. The co-operative giant had purchased 878,000 tons of mustard seeds from farmers at Rs 4,000 per quintal. Co-operative agency’s stock-in-hand was around 504,000 tons in different producing states.
The co-operative agency sold 168,000 tons of mustard seeds in Rajasthan out of total buying of 471,000 tons while it liquidated 76,090 tons from buying of 233,000 tons in Haryana, data showed. In Alwar spot market in Rajasthan the prices gained 40 Rupees to end at 4231 Rupees per 100 kg.
Trading Ideas:
–Mustard Seed trading range for the day is 3944-4092.
–Mustard dropped on sufficient supplies with government, higher acreage in Rajasthan and reports of delay in meal exports to China on strict norms.
–India produced 8.32 million tons mustard seeds during 2017-18 up from 7.91 million tons in the previous year, agriculture ministry data showed.
–NCDEX accredited warehouses mustard seed stocks gained by 361 tonnes to 5410 tonnes.
–In Alwar spot market in Rajasthan the prices gained 40 Rupees to end at 4231 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
