Mustard Seed On NCDEX Settled Down By -0.55% At 3813

Mustard Seed on NCDEX settled down by -0.55% at 3813 as investors seen cautious ahead of monsoon forecast by Indian Metrological Department. According to third advance estimates released by Rajasthan government, India's biggest mustard seed producer expected to produce 3.73 million tons of seed during 2016-17 as compared to 3.25 million tons in the previous year. Meanwhile, Solvent Extraction Association of India at its first National Conclave on Rapeseed and Mustard held on Apr 25 planned to set a mustrad technology mission to double mustard oilseed output to 15 million tons from current seven million tons by 2025.

With sharp fall in seed prices crush margins have turned positive thus supporting demand from processors going forward. HAFED started mustard procurement at the minimum support price (MSP) of Rs 3,700 per quintal in the local grain market but a majority of farmers had to sell their crop to private buyers at a lower price as their produce failed to meet the moisture level. According to sources, about 4,100 quintals of mustard arrived at the grain market but HAFED procured merely 41 quintals while private buyers purchased the remaining produce for Rs 3,200 to Rs 3,500 per quintal, less than the MSP.

At Jaipur market estimated market supply was at 275000 Bags, down by 5000 Bags from previous day’s arrivals. At Neewai market sources reported arrivals at 4000, higher by 500 as against previous day. In Alwar spot market in Rajasthan the prices remains unchanged at0 Rupees to end at 3767.5 Rupees per 100 kg.Technically now Rmseed is getting support at 3796 and below same could see a test of 3779 level, And resistance is now likely to be seen at 3842, a move above could see prices testing 3871. 
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