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Technically NCDEX Mustard Seed is getting support at 3871 and below same could see a test of 3851 level, And resistance is now likely to be seen at 3920, a move above could see prices testing 3949.
Mustard Seed on NCDEX settled up by 0.65% at 3891 amid reports on diminishing stocks with farmers. Moreover, reports of lower export of mustard seed meal during month of Dec is also adding pressure to mustard seed prices.
Total export of mustard seed meal during month of Dec was reported at 45616 MT compare to 69474 MT of prior year for corresponding period, lower by 34% y/y and 47% on monthly basis. Higher acreage at 6.28 million hectares versus 6.66 million hectares in the corresponding period last year also weighing on prices.
NAFED offered to sell 9,286 tons of mustard seeds in Gujarat and nearly 25,000 tons in the markets of Madhya Pradesh. As per SEA press release rapeseed exports down by 34% on year in December to 45,616 tonnes.
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The export of rapeseed meal and soybean meal to China is unlikely to resume during current financial year as procedure for registration with MoA, China is too cumbersome, lengthy and time consuming to complete all formalities.
According to Mustard Oil Producers Association of India, Mustard oil mills across the country crushed 550,000 tn of the oilseed in December, up 29.4% on year. Currently rabi area for mustard is high compared to last year acreage as on 04-Jan at 66.4 lakh hectares (lha) against 65 lha last year.
Mustard oil imports down about 70% on year to 12,242 tons in November compared to over 40,600 tons last year same month according to SEA latest press release.In Alwar spot market in Rajasthan the prices gained 96.55 Rupees to end at 4185.95 Rupees per 100 kg.
Trading Ideas:
–Mustard Seed trading range for the day is 3851-3949.
–Mustard Seed prices gained amid reports on diminishing stocks with farmers.
–The area under mustard seed cultivation has touched 66.43 lakh hectares as against 64.99 lakh hac, higher by 2.21% y/y.
–NCDEX accredited warehouses mustard seed stocks dropped by 199 tonnes to 8787 tonnes.
–In Alwar spot market in Rajasthan the prices gained 96.55 Rupees to end at 4185.95 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
