Mustard Seed On NCDEX Settled Up By 1.37%

 
Mustard Seed on NCDEX settled up by 1.37% at 3624 supported by improvement in meal exports from the country during last month. However, the arrivals have been reducing in the physical market. Rape/mustard seed's exports during May also spurted to 42,488 tons as compared to 3,090 tons in May 2015, data released by Solvent Extractors Association of India (SEA) showed.

The US Department of Agriculture extended the round of downgrades to the European Union rapeseed harvest, citing "drought in Western Europe." The USDA, unveiling its monthly flagship Wasde crop supply and demand report, downgraded by 200,000 tonnes to 21.1m tonnes its forecast for the EU rapeseed crop, the world's biggest.

While raising slightly its forecast for EU rapeseed area, the forecast for the yield was trimmed by 0.05 tonnes per hectare to a below-average 3.18 tonnes per hectare, thanks to dry weather. As per data, the mustard arrival in first 7 days of June is down to 36,763 tonnes versus 76,759 tonnes in May for the same period.

Mustard meal exports have increase 1275% in May this year at 42,488 tonnes compared to last year in May. Last year, India exports about 3,090 tonnes of meals in May. As per third advance estimates, the production of most important rabi oilseed, rapeseed & mustard, is expected to increase by 12 lt to 79.8 lt compared to last year. In Alwar spot market in Rajasthan the prices remains unchanged at0 Rupees to end at 3716 Rupees per 100 kg.

Technically market is under fresh buying as market has witnessed gain in open interest by 6.27% to settled at 74200 while prices up 49 rupees, now Rmseed is getting support at 3588 and below same could see a test of 3553 level, And resistance is now likely to be seen at 3648, a move above could see prices testing 3673.
 
 
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