Mustard Seed on NCDEX settled down by -0.2% at 3917 tracking weakness in spot demand. Pressure also seen after government reported robust sowing data for the week ended to Jan 6. According to Agriculture Ministry's data Indian farmers have planted mustard seed on 6.93 million hectare area until Jan 6, 10.52% In the same period a year ago sowing was 6.27 million hectare, data showed. Demand for mustard oil expected to decline at higher level in recent times as consumers are likely to shift to cheaper alternatives. Retail consumers are buying mustard oil as per requirement and traders anticipate that demand is not unlikely to increase in coming days due to liquidity crunch. Farmer and stockiest both are offloading their stock amid lackluster demand outlook. Further for the upcoming mustard crop forecast calls for rains next week in Punjab, Haryana, Madhya Pradesh, Uttar Pradesh and north Rajasthan mustard growing areas which will be beneficial for the crop. At Jaipur market estimated market supply was at 2000 Bags, steady as against previous day’s arrival. At Kota market estimated market supply was at 1000 Bags, down by 500 Bags from previous day’s arrivals. According to government data, Rajasthan has sown 13.7 lakh hectares up by 191.5% higher compared to last year acreage. In Alwar spot market in Rajasthan the prices gained 12.9 rupees to end at 4424.15 rupees per 100 kg. Technically market is under fresh selling as market has witnessed gain in open interest by 10.44% to settled at 17660 while prices down -8 rupee, now Rmseed is getting support at 3901 and below same could see a test of 3884 level, And resistance is now likely to be seen at 3942, a move above could see prices testing 3966.
# Rmseed trading range for the day is 3884-3966.
# Mustard seed prices ended with losses tracking weakness in spot demand.
# Pressure also seen after government reported robust sowing data for the week ended to Jan 6.
# NCDEX accredited warehouses mustard seed stocks dropped by 950 tonnes to 3384 tonnes.
# In Alwar spot market in Rajasthan the prices gained 12.9 rupees to end at 4424.15 rupees per 100 kg.
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