Commodity Trading Tips for Mustard by KediaCommodity

Ajay Kumar Kedia 10 December 2013

Mustardseed Rmseed settled down -0.11% at 3798 due to news of good sowing progress in Rajasthan and poor demand from the mandi. Mustard seed prices in Northern Rajasthan state including Jaipur did show some slow trade. Indian farmers had sown 10 per cent more than last year. The weather conditions are quite conducive for the crop cultivation. In the near future the sowing progress will largely determine its prices behavior. The crop in north Indian states like Rajasthan, UP and Haryana is in good crop health brightening the higher production prospects. The market sources suggested that below average temperature in major producing states such as Uttar Pradesh , Rajasthan and Madhya Pradesh will delay the overall formation and harvesting of the oilseed crop in the coming season. However, sowing progress still reported higher acreage so far in the current year. As per the latest release from Ministry of Agriculture, the total sowing acreage of mustard seed as on 14th November 2013 has been reported at 47 lakh hectares, up 25.67% from the last year in the same period. As per the latest release from Solvent Extractors' Association of India , the total export of oilmeals for the month reported at 1.43 lakh tonnes compared to 0.390 lakh tonnes in October, 2012, ie., up 266.50%. This year, mustard plantings may rise due to favourable climatic conditions and soil moisture. In the Alwar spot market in Rajasthan the price gained 2.55 rupee to 3790.25 rupees per 20kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 9.03% to settled at 40700 while prices down -4 rupee, now Rmseed is getting support at 3785 and below same could see a test of 3773 level, And resistance is now likely to be seen at 3817, a move above could see prices testing 3837.