Mustardseed yesterday traded with the negative node and settled -1.59% down at 4339 as selling continued due to weak crushing and export demand of mustard meal. Traders mentioned dearth of offtake by millers at higher levels might witness some selling in both spot and futures market. However, total daily arrivals were still reported at lower side in the range of 70000-75000 bags due to weak production estimates in the current year. Moreover, sluggish export demand might also add some in mustard seed market. 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. This is mainly due to waning export demand from Vietnam and Japan. The total arrivals of mustard seed decreased by 3000 bags at 67000 bags in major mandies. In the Sri Ganganagar spot market in Rajasthan the price edged down by -2.5 rupee to 4272.5 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 4312 after opening at 4405, and finally settled at 4339. For today's session market is looking to take support at 4288, a break below could see a test of 4237 and where as resistance is now likely to be seen at 4414, a move above could see prices testing 4489.
RM Seed trading range for the day is 4237-4489.
Mustardseed settled down as selling continued due to weak crushing and export demand of mustard meal.
Total exports of mustard meal was reported at 2.54 lh tns during the April- July 2012 against 4.94 lh tns
NCDEX accredited warehouses mustard seed stocks gained by 100 tonnes to 122087 tonnes.
In the Sri Ganganagar spot market in Rajasthan the price edged down by -2.5 rupee to 4272.5 rupees per 20 kgs.
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