Mustardseed yesterday traded with the positive node and settled 0.75% up at 4408 on some buying support tracking gains spot market amid firmness in other oilseed counters. Sluggish export demand likely to weigh on mustard seed market. In the latest released USDA WASDE report, it lowered Indian oilseeds production estimates form July report by 14 Lakh tons on deficient rains. As per the latest release from The Solvent Extractors' Association of India, the total exports of mustard meal was reported at 2.54 lakh tonnes during the April- July 2012 against 4.94 lakh tonnes that were reported in the last year in the same period. Rains are seen in the soybean producing states in India like MP which has brightened the production prospects of the kharif crops. India’s soyameal exports rose 21 per cent to 1,68,341 tonnes in July this year. During October-July of the current oil year, soyameal exports fell 3 per cent to 36,10,040 tonnes compared with 37,35,369 tonnes in the same period of the 2010-11 oil year. The total arrivals of mustard seed decreased by 6000 bags at 56000 bags in major mandies. In the Sri Ganganagar spot market in Rajasthan the price edged up by 40.75 rupee to 4305.75 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 4336 after opening at 4356, and finally settled at 4408. For today's session market is looking to take support at 4356.7, a break below could see a test of 4305.3 and where as resistance is now likely to be seen at 4438.7, a move above could see prices testing 4469.3.
Trading Ideas:
RM Seed trading range for the day is 4305-4469.
Mustard seed ended higher on some buying support tracking gains spot market amid firmness in other oilseed counters
The total arrivals of mustard seed decreased by 6000 bags at 56000 bags in major mandies.
NCDEX accredited warehouses mustard seed stocks dropped by 1231 tonnes to 118172 tonnes.
In the Sri Ganganagar spot market in Rajasthan the price edged up by 40.75 rupee to 4305.75 rupees per 20 kgs.
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