Rmseed On NCDEX Settled Down -0.24% At 4103

Rmseed on NCDEX settled down -0.24% at 4103 on profit booking after prices gained on anticipation of improved meal and crushing demand. Further downside seen limited due to higher crushing demand and improved meal exports to support mustard prices. Mustard oil mills across the country crushed 650,000 tn of the oilseed, down 27% from previous month as per data release by Mustard Oil Producers Association of India.

According to SEA latest export report, mustard meal exports during first 5 months of 2018 is higher by 164% on year due to higher demand from South Korea. Exports are 209% higher at 6.64 lt for the FY 2017/18 compared to previous year’s export volume of 2.14 lt. Mustard procurement in Madhya Pradesh has come to an end with the state government having bought a total of 119,291 tn of the oilseed at minimum support price under the Krishak Samruddhi Yojana, a senior government official said. "Over 53,000 registered farmers have benefited from the procurement drive in 50 centers across the state," the official said.

The National Agricultural Cooperative Marketing Federation of India procured 847,733 tn of mustard under the price support scheme in five states, an official with the agency said. Data from MOPA showed, total marketable surplus of 7 million tons around 2.8 million tons mustard have arrived in the market remaining 5.3 million tons are still with farmers and stockist. Technically market is under fresh selling as market has witnessed gain in open interest by 15.32% to settled at 106940 while prices down -10 rupees, now Rmseed is getting support at 4083 and below same could see a test of 4064 level, And resistance is now likely to be seen at 4134, a move above could see prices testing 4166.

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