Mustard Seed On NCDEX Settled Up

Mustard Seed on NCDEX settled up by 3.38% at 4802 on improved demand and lower stockpiles of seed in local market. Prices of rm seed will be up on higher demand for mustard oil in domestic market as crude palm oil solidified in winter season. Further supporting prices for the next week is limited supply. Arrivals of mustard seed have halved past week 35,000 to 40,000 bags across country. 

The rabi sowing in the largest mustard producing state, Rajasthan has started. According to government data, Rajasthan has sown 13.7 lakh hectares as on 24th Oct 2016, up by 191.5% higher compared to last year acreage. As per agriculture ministry data, all-India acreage of mustard in the ongoing rabi season was nearly 1.9 mln ha, up 175.2% from a year ago. The country's production of rapeseed is expected to increase by 12.5% to 6.3 mt from a year earlier.

The acreage is sharply higher this year because of better monsoon rains, traders said. In Rajasthan--the largest mustard producing state--the crop has been sown across 1.4 mln ha, almost a threefold increase from 473,800 ha sown a year ago, the data showed. The area under mustard was also three times higher in Uttar Pradesh at 350,000 ha. In Madhya Pradesh, the oilseed has been sown over 58,000 ha, up 76% from 33,000 ha sown a year ago. 

In Alwar spot market in Rajasthan the prices gained 51.5 rupees to end at 4797.5 rupees per 100 kg.Technically market is under short covering as market has witnessed drop in open interest by -2.06% to settled at 36110 while prices up 157 rupee, now Rmseed is getting support at 4707 and below same could see a test of 4611 level, And resistance is now likely to be seen at 4858, a move above could see prices testing 4913.

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