NCDEX Mustard Seed under fresh buying; Support seen at 3768
Commodity Online | April 11 2019
UPDATED 11:00:04 IST

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Technically Mustard Seed market is under fresh buying as market has witnessed gain in open interest by 8.9% to settled at 67630 while prices up 3 rupees.

Now NCDEX Mustard Seed is getting support at 3768 and below same could see a test of 3758 level, And resistance is now likely to be seen at 3790, a move above could see prices testing 3802. 

Mustard Seed on NCDEX settled up by 0.08% at 3778 on short covering after prices dropped amid forecast of bumper crop production. Rape meal exports in February were provisionally reported at 41,728 tonnes (Vs 52,071 t), down 20% on year as per SEA press release.

January exports figures revised higher to 57,000 tonnes from 34,270 tonnes pegged last month. As per SEA, the mustard seed production will be higher by about 19% this season to over 81 lt due to better climate and higher area.

Rajasthan, Madhya Pradesh and Haryana started procurement at MSP of 4,200 rupees per 100 kg directly from farmers. As per SEA, the mustard seed production will be higher by about 19% this season to over 81 lakh tonnes due to better climate and higher area.

Agriculture ministry projected India's 2018-19 mustard crop at 8.4 million ton versus 8.3 million ton the country harvested last year. Japan's weather bureau said the El Nino weather pattern appeared to be continuing, with an 80 percent chance it would stretch into the northern hemisphere summer.

El Nino is a warming of ocean surface temperatures in the eastern and central Pacific that typically happens every few years, sometimes causing crop damage, flash flooding or fires. In Alwar spot market in Rajasthan the prices gained 10 Rupees to end at 3773.95 Rupees per 100 kg.

Trading Ideas:
--Mustard Seed trading range for the day is 3758-3802.
--Mustard seed ended with gains on short covering after prices dropped amid forecast of bumper crop production.
--Rape meal exports in February were provisionally reported at 41,728 tonnes (Vs 52,071 t), down 20% on year as per SEA press release.
--Japan's weather bureau said the El Nino weather pattern appeared to be continuing, with an 80 percent chance it would stretch into the northern hemisphere summer.
--In Alwar spot market in Rajasthan the prices gained 10 Rupees to end at 3773.95 Rupees per 100 kg.

Courtesy: Kedia Commodities

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