Commodity Trading Tips for Mustard by Kedia Commodity

Ajay Kumar Kedia 12 August 2013

Mustard Mustard yesterday settled up 0.8% at 3275 on hopes the festival season and on forecast of heavy rain in the key growing areas in next two days. According to COOIT', the total output of mustard seed in the country is seen at 71.50 lakh tonnes, up 12.70% on the year. The mustard seed arrivals are slipping in major mandies now as the peak supplies season gets over. Overall demand in edible oils is expected to rise in coming days as festive season approaches. Market sources indicate that around 50% of the last year's crop is still available in the market. This will encouraged strong selling by stockiest at every rise in futures market. The mustard seed futures swelled by almost 10% in the last one week due to sharp rise in other oilseeds like soyabean and castor seed. In the last trading, prices will remain under pressure on the account of steady sowing progress of kharif oilseeds in the major producing states. As per the latest data compiled by the Ministry of Agriculture stated that the total sowing acreage of oilseeds as on 1st August, 2013 reported at 173 lakh hectares, up 28% from the last year in the same year. India's oil meal exports during April-June period (2013) to South Korea touched 304,745 tons consisting of 125,583 tons of rapeseed meal and 179,162 tons of castor meal, according an industry source. The export figure is higher when compared to the 282,833 tons, last year. In the Alwar spot market in Rajasthan the price gained 52 rupee to 3430 rupees per 20kgs. Now Mustard is getting support at 3255 and below same could see a test of 3235 level, And resistance is now likely to be seen at 3292, a move above could see prices testing 3309.