NCDEX Mustard Seed likely to move in a range of 4259 4327

Technically NCDEX Mustard Seed is getting support at 4278 and below same could see a test of 4259 levels, and resistance is now likely to be seen at 4312, a move above could see prices testing 4327.

Mustard Seed on NCDEX settled up by 0.28% at 4296 as support seen after revival of fresh buying by millers in physical to meet the likely demand of mustard oil.

India's Nov-Aug rapeseed oil imports slipped to 59,171 tons from 2.29 lakh tons a year ago due to higher prices in the global markets, data from Solvent Extractors Association of India showed.

NAFED had procured around 1.08 million tonnes mustard seed harvested in 2018-19 (Jul-Jun) under a price-support scheme.

Out of total procurement, NAFED had procured 6.08 Lakh MT in Rajasthan, 2.51 lakh MT from Haryana ,1.82 lakh MT from Madhya Pradesh ,0.41 Lakh MT from Gujarat and 0.06 Lakh MT from UP.

MOPA has estimated all India mustard output at 8.1 million MT in 2018-19 which is 6.89 per cent lower than the initial estimate of 8.7 million MT.

However, government in his fourth advance estimate has reported 9.339 million MT for 2018-19 which is 6.13 per cent higher than the third advance estimate of 8.8 million MT.

India and rsquo;s mustard meal exports in the month of July 2019 were 93.837 thousand MT (provisional), higher against 71.064 thousand MT in May 2019.

Total exports of rapeseed meal from April 2019 to July 2019 were 3.58 lakh MT which is 10.95 percent lower than 2018-19 exports of 4.02 lakh MT in the same time period. In Alwar spot market in Rajasthan the prices gained 51.5 Rupees to end at 4437 Rupees per 100 kg.

Trading Ideas:
--Mustard Seed trading range for the day is 4259-4327.
--Mustard Seed prices gained as support seen after revival of fresh buying by millers in physical to meet the likely demand of mustard oil.
--India's Nov-Aug rapeseed oil imports slipped to 59,171 tons from 2.29 lakh tons a year ago due to higher prices in the global markets.
--NAFED had procured around 1.08 million tonnes mustard seed harvested in 2018-19 (Jul-Jun) under a price-support scheme.
--In Alwar spot market in Rajasthan the prices gained 51.5 Rupees to end at 4437 Rupees per 100 kg.

Courtesy: Kedia Commodities