Mustard Seed may trade between 3764-3836 levels

Mustard Seed is getting support at 3778 and below same could see a test of 3764 level, And resistance is now likely to be seen at 3814, a move above could see prices testing 3836.

Mustard Seed on NCDEX settled down by 0.24% at 3791 on profit booking after prices gained tracking firmness in spot demand as government buying picked up. NAFED bought 139,224 ton mustard seeds from farmers in the markets of Rajasthan, Haryana and Madhya Pradesh.

Moreover, reports of lower export of mustard seed meal during month of March is also adding pressure to mustard seed prices. Rape seed meal export from India during month of March, 2019 reported at 50964 MT, down by 36 % compare to prior month as per data released by Solvent extractors association of India.

As per SEA, the mustard seed production will be higher by about 19% this season to over 81 lt due to better climate and higher area.  Rajasthan, Madhya Pradesh and Haryana started procurement at MSP of 4,200 rupees per 100 kg directly from farmers.

As per SEA, the mustard seed production will be higher by about 19% this season to over 81 lakh tonnes due to better climate and higher area. Agriculture ministry projected India’s 2018-19 mustard crop at 8.4 million ton versus 8.3 million ton the country harvested last year.

Japan’s weather bureau said the El Nino weather pattern appeared to be continuing, with an 80 percent chance it would stretch into the northern hemisphere summer.

El Nino is a warming of ocean surface temperatures in the eastern and central Pacific that typically happens every few years, sometimes causing crop damage, flash flooding or fires.In Alwar spot market in Rajasthan the prices gained 77.25 Rupees to end at 3870.5 Rupees per 100 kg.

Trading Ideas:
–Mustard Seed trading range for the day is 3764-3836.
–Mustard Seed dropped on profit booking after prices gained tracking firmness in spot demand as government buying picked up
–NAFED bought 139,224 ton mustard seeds from farmers in the markets of Rajasthan, Haryana and Madhya Pradesh.
–Rape seed meal export from India during month of March, 2019 reported at 50964 MT, down by 36 % compare to prior month.
–In Alwar spot market in Rajasthan the prices gained 77.25 Rupees to end at 3870.5 Rupees per 100 kg.

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