Rmseed On NCDEX Settled Up 0.14% At 3575

Rmseed on NCDEX settled up 0.14% at 3575 supported by improvement in meal exports from the country during last month. However, the arrivals have been reducing in the physical market. 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. Mustard seed arrivals across India are under pressure as decreasing mandi rates forced farmers to hoard their stocks.

Farmers are hoarding stocks on expectation of higher prices in near term. All India rape/mustard seed arrivals stood at 245,000 bags (80 kilogram per bag) 255,000 bags on previous day. Total arrivals in Rajasthan were around 125,000 bags, in Gujarat arrivals stood at 7,000 bags, in Uttar Pradesh inventories stood at 40,000 bags, in Haryana & Punjab mustard arrivals stood at 35,000 while in Madhya Pradesh mustard arrivals were at 8,000 bags.

Overall farmers sold 40% of their produces in crop season three months (Fed 15- May 15) to 2.680 million tons. Technically market is under fresh buying as market has witnessed gain in open interest by 12.27% to settled at 69820 while prices up 5 rupees, now Rmseed is getting support at 3558 and below same could see a test of 3541 level, And resistance is now likely to be seen at 3595, a move above could see prices testing 3615.
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