Mustardseed yesterday traded with the positive node and settled 0.39% up
at 4100 amid firm spot demand tracking firmness in other oilseed
counters. Rains have not been enough in many areas of the country which
is a cause of concern and further delay may spark the edible oil prices
including RMseed. Rapeseed meal export in June dropped 16 percent to
86,309 tonnes from a year ago while castor seed meal sales fell 18
percent to 17,429 tonnes during the same period. In the first quarter of
the current financial year, shipments of soymeal, which is used as
animal feed, rose by 9.7 per cent to 6.55 lakh tonnes, as against 5.97
lakh tonnes in the same period of the 2011—12 fiscal. Strong demand of
oilmeal in the major mandies prompted the strong crushing demand of
mustard seed. The total arrivals of mustard seed decreased by 9000 bags
to 75000 bags in major mandies. In Canada the canola sowing is going up
on higher oilseeds prices. During past few days traders have built up
fresh positions in the market anticipating the further rise in prices in
coming days. In the Sri Ganganagar spot market in Rajasthan the price
edged up by 17.8 rupee to 3982.3 rupees per 20 kgs. In yesterday's
trading session Mustardseed has touched the low of 4057 after opening at
4060, and finally settled at 4100. For today's session market is
looking to take support at 4066.7, a break below could see a test of
4033.3 and where as resistance is now likely to be seen at 4123.7, a
move above could see prices testing 4147.3.
RM Seed trading range for the day is 4036-4150.
Mustard seed ended with positive trend amid firm spot demand tracking firmness in other oilseed counters.
Rains have not been enough in many areas of the country which is a cause of concern and further delay may spark prices
NCDEX accredited warehouses mustard seed stocks dropped by 160 tonnes to 128746 tonnes.
In the Sri Ganganagar spot market in Rajasthan the price edged up by 17.8 rupee to 3982.3 rupees per 20 kgs.
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