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Technically Mustard Seed market is under fresh selling as market has witnessed gain in open interest by 1.53% to settled at 20540 while prices down 35 rupees.
Now NCDEX Mustard Seed is getting support at 3827 and below same could see a test of 3812 level, And resistance is now likely to be seen at 3866, a move above could see prices testing 3890.
Mustard Seed on NCDEX settled down by 0.9% at 3841 in anticipation of a rise in supplies. NAFED offered to sell 9,286 tons of mustard seeds in Gujarat and nearly 25,000 tons in the markets of Madhya Pradesh.
NAFED sold 6,846 tons of mustard seed at Rs 3,675-3,845 per quintal in the markets of Haryana and Rajasthan. Mustard seeds crushing jumped 22% to 550,000 tons in December due to better parity and hopes of export demand for rapeseed meal.
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Millers crushed higher seeds during December to meet the winter season demand of mustard oil and also induced by hopes of fresh export orders for rapeseed meal. USDA forecasts 2018/19 India rapeseed production at 6.0 mt, down 0.45 mt from 2017.
Mustard seeds crushing jumped 22% to 550,000 tons in December due to better parity and hopes of export demand for rapeseed meal. Millers crushed higher seeds during December to meet the winter season demand of mustard oil and also induced by hopes of fresh export orders for rapeseed meal.
During April-November, India’s rapeseed meal exports jumped to 745,901 tons from 392,463 tons a year ago, data from Solvent Extractors Association of India (SEA) showed.
Total stocks of mustard seeds across the country stood at 950,000 tons comprising 265,000 tons with farmers, 400,000 tons with government agency NAFED and 285,000 tons with millers and stockists. In Alwar spot market in Rajasthan the prices gained 25.75 Rupees to end at 4076.5 Rupees per 100 kg.
Trading Ideas:
–Mustard Seed trading range for the day is 3812-3890.
–Mustard Seed prices dropped in anticipation of a rise in supplies.
–NAFED offered to sell 9,286 tons of mustard seeds in Gujarat and nearly 25,000 tons in the markets of Madhya Pradesh.
–NCDEX accredited warehouses mustard seed stocks gained by 484 tonnes to 8263 tonnes.
–In Alwar spot market in Rajasthan the prices gained 25.75 Rupees to end at 4076.5 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
