Rmseed On NCDEX Settled Down

Rmseed on NCDEX settled down -0.21% at 3836 tracking weakness in spot demand on oversupply woes. Prices of the seed were down after Mustard Oil Producers Association (MOPA) in its 38th All India Rabi Oil Trade and Industry Seminar held in Raipur hiked its mustard seed 2016-17 output forecast by 19.31%.

India's mustard seed output during 2016-17 is estimated at 6.92 million ton as against 5.8 million ton on thanks to higher acreage and favourable weather, said MOPA. India's mustard output is estimated to rise to 6.9 mln tn in 2016-17 (Jul-Jun), from 5.8 mln tn a year ago, due to better yield and favourable weather, a survey done by the Central Organisation for Oil Industry and Trade and Mustard Oil Producers Association showed.

Mustard output in Rajasthan, the largest producer, is seen at 3.1 mln tn this year, up from 2.6 mln tn last year, the survey showed. India's carryover stock of mustard seed at the end of February is seen at 250,000 tn, higher from 150,000 tn a year ago, due to lower demand for the crop from millers and meal exporters last year, industry officials said.

Taking into account production and carryover stocks of the oilseed, total availability of mustard was estimated at 7.1 mln tn in 2016-17. Mustard, the oilseed with the highest output in rabi season, is sown in Oct-Dec and harvested in Mar-Apr. Technically now Rmseed is getting support at 3818 and below same could see a test of 3800 level, And resistance is now likely to be seen at 3857, a move above could see prices testing 3878.

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