NCDEX Mustard Seed may trade between 3746 3806 levels
Technically Mustard Seed is getting support at 3764 and below same could see a test of 3746 level, And resistance is now likely to be seen at 3794, a move above could see prices testing 3806.
Mustard Seed on NCDEX settled up by 0.34% at 3782 on short covering amid on optimism over improved buying of oil and rapeseed meal going ahead.
Mustard production is forecast about 84 lakh tonnes, up 1% y/y, in second advance estimate for 2018-19 by Government.
As per SEA, the production will be higher by about 19% this season to over 81 lakh tonnes due to better climate and higher area.According to data compiled by the Mustard Oil Producers Association of India, mustard oil mills across the country crushed 500,000 tn of the oilseed in February, up 33.3% on year.
The National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) sold almost its entire stock of mustard seed - the agency purchased during 2018-19 (Apr-Mar), said sources. The co-operative giant bought total 878,404 tons of mustard seeds from farmers at Rs 4,000 per quintal in the markets of Haryana, Rajasthan, Madhya Pradesh, Uttar Pradesh, West Bengal and Gujarat.
As per SEA, the production will be higher by about 19% this season to over 81 lakh tonnes due to better climate and higher area.According to data compiled by the Mustard Oil Producers Association of India, mustard oil mills across the country crushed 500,000 tn of the oilseed in February, up 33.3% on year.
The National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) sold almost its entire stock of mustard seed - the agency purchased during 2018-19 (Apr-Mar), said sources. The co-operative giant bought total 878,404 tons of mustard seeds from farmers at Rs 4,000 per quintal in the markets of Haryana, Rajasthan, Madhya Pradesh, Uttar Pradesh, West Bengal and Gujarat.
As of now, the cooperative agency sold 864,522 tons in the open market and the balance is lying mainly in Haryana, said sources. India's rapemeal exports up by 84% on year at 8.98 lt. January and February months are lean season for rapemeal exports.
Mustard oil mills across the country crushed 400,000 tn of the oilseed in January, up 23.1% on year, according to data compiled by the Mustard Oil Producers Association of India. and nbsp; In Alwar spot market in Rajasthan the prices gained 25.75 Rupees to end at 3767.5 Rupees per 100 kg.
Trading Ideas:
--Mustard Seed trading range for the day is 3746-3806.
--Mustard Seed gained on short covering amid on optimism over improved buying of oil and rapeseed meal going ahead.
--Mustard production is forecast about 84 lakh tonnes, up 1% y/y, in second advance estimate for 2018-19 by Government.
--As per SEA, the production will be higher by about 19% this season to over 81 lakh tonnes due to better climate and higher area.
--In Alwar spot market in Rajasthan the prices gained 25.75 Rupees to end at 3767.5 Rupees per 100 kg.
Courtesy: Kedia Commodities
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