Commodity Trading Tips for Mustard Seed by KediaCommodity

Ajay Kumar Kedia 6 May 2014

Mustardseed Rmseed settled down -0.45% at 3533 tracking weakness in spot demand with limited buying and steady inflows. The arrivals in Rajasthan mandi were in the range of 2.1 - 2.4 lakh bags of 85 Kg each. As per SEA of India, the sowing area is estimated to be around 71.38 lakh ha higher by 3.89 lakh ha compared to last year and production around 72.25 lakh MT. Rapeseed-mustard including toria crop is estimated at 8% higher to 7.3 million tons in 2013-14 season from 6.8 million tons of last year, data from the Central Organisation for Oil Industry & Trade showed. India 2013-14 rapeseed-mustard production may to 7.6 tons, up 11% on year, data release from the Solvent Extractors Association of India showed. India's rapeseed output is expected to rise 11 percent to 7.6 million tonnes in 2013/14, the Solvent Extractors' Association of India said in a statement, potentially helping New Delhi cut vegetable oil imports. Favourable weather conditions have helped the rapeseed crop, the main winter-sown oilseed grown in India, the world's top edible oil importer, the SEA statement said. Sources expect local rapeseed oil output to rise 13 percent in 2014, as farmers take advantage of monsoon-soaked land to grow the more lucrative crop. In the Alwar spot market in Rajasthan the price gained 25.75 rupee to 3455.5 rupees per 20kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 10.61% to settled at 103010 while prices down -14 rupee, now Rmseed is getting support at 3514 and below same could see a test of 3493 level, And resistance is now likely to be seen at 3567, a move above could see prices testing 3599.