Mustardseed yesterday traded with the negative node and settled -0.88% down at 4369 tracking weakness in soyabean prices amid weak spot prices. Moreover, sluggish export demand might weigh on 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. 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. The country had shipped 1,39,551 tonnes in the same month in 2011, Indore-based Soyabean Processors Association of India (SOPA) said in a statement. During April-July this year, exports rose 12 per cent to 8,24,208 tonnes from 7,37,522 tonnes in the four-month period of 2010-11. During October-July of the current oil year (October-September), 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. In the Sri Ganganagar spot market in Rajasthan the price edged up by 2.5 rupee to 4275 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 4365 after opening at 4405, and finally settled at 4369. For today's session market is looking to take support at 4346.3, a break below could see a test of 4323.7 and where as resistance is now likely to be seen at 4410.3, a move above could see prices testing 4451.7.
RM Seed trading range for the day is 4324-4452.
Mustard seed ended with losses tracking weakness in soyabean prices amid weak spot prices
Total exports of mustard meal was reported at 2.54 lakh tonnes during the April- July 2012
NCDEX accredited warehouses mustard seed stocks dropped by 500 tonnes to 120649 tonnes.
In the Sri Ganganagar spot market in Rajasthan the price edged up by 2.5 rupee to 4275 rupees per 20 kgs.
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