Mustard yesterday settled up 0.31% at 3253 tracking firmness in spot demand on a likely rise in demand for edible oils due to festivals. Stockists are increasing purchases of rapeseed. Edible oil demand is set to rise in the coming weeks due to festivals. 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. This was mainly due to the strong acreage of soybeans and Groundnut in the current years. As per the latest release from Ministry of Agriculture, the total sowing acreage of soybean as on 26th July 2013 reported at 117 lakh hectares against 101.50 lakh hectares in the same time last year. This is mainly due to strong sowing in both Madhya Pradesh and Rajasthan. Similarly, the total exports of soy meal also declined sharply in the current month. The latest data compiled by the Solvent Extractors' Association of India (SEA of India), the mustard meal exports during June 2013 is reporting at 0.96 lakh tons compared to 1.42 lakh tons in June 2013 i. e. down by 32.30%.In the Alwar spot market in Rajasthan the price gained 40 rupee to 3450 rupees per 20kgs. Now Mustard is getting support at 3229 and below same could see a test of 3204 level, And resistance is now likely to be seen at 3281, a move above could see prices testing 3308.
Trading Ideas:
Rmseed trading range for the day is 3203-3307.
Mustard seed ended with gains tracking firmness in spot demand on a likely rise in demand for edible oils due to festivals.
Market sources indicate that around 50% of the last year's crop is still available in the market.
NCDEX accredited warehouses mustard seed stocks dropped by 181 tonnes to 82381 tonnes.
In the Alwar spot market in Rajasthan the price gained 39.9 rupee to 3450.35 rupees per 20kgs.
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