NCDEX Soyabean under fresh buying; Resistance seen at 3526
NCDEX Ref.Soya Oil likely to trade in range between 729-745
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Technically Mustard Seed is getting support at 3902 and below same could see a test of 3873 level, And resistance is now likely to be seen at 3948, a move above could see prices testing 3965.
Mustard Seed on NCDEX settled up by 0.9% at 3932 as demand in physical remained firm from millers side on optimism over improved buying of oil and rapeseed meal going ahead. 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. USDA forecasts 2018/19 India rapeseed production at 6.0 mt, down 0.45 mt from 2017. 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 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. Last year, mustard acreage was at 6.7 mln ha, according to government data.
Expectation that state governments might bring mustard under the Bhavanatar Bhugtan Yojana, when fresh arrivals begin in full swing, might also encourage farmers to sow more of the oilseed, Mustard Oil Processors Association of India General Secretary said. In Alwar spot market in Rajasthan the prices gained 12 Rupees to end at 4128 Rupees per 100 kg.
Trading Ideas:
–Mustard Seed trading range for the day is 3873-3965.
–Mustard Seed gained as demand in physical remained firm from millers side on optimism over improved buying of oil and rapeseed meal going ahead.
–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 dropped by 435 tonnes to 4362 tonnes.
–In Alwar spot market in Rajasthan the prices gained 12 Rupees to end at 4128 Rupees per 100 kg.
Courtesy: Kedia Commodities
Source: Commodityonline.com
