Mustard seed update

Mustard Seed settled up by 1.87% at 5009 on improved demand and on speculation of lower supply in international and domestic market. The rise in mustard oil demand by major consuming region of eastern India during the festive season is encouraging higher buying by crushing units. Prices were supported on supply worries after Indian Meteorological Department (IMD) reported that from the beginning of Oct till date Rajasthan has not received any rainfall which is likely to affect rabi sowing of rm seed. Prices were also supported on supply worries after USDA reported global rapeseed production forecast to decline 3.5 million tons in 2015/16 as a slight decrease in area reduces total output to 68.1 million tons.

Trading Ideas:
Rmseed trading range for the day is 4855-5143.
Mustard seed prices gained on improved demand and on speculation of lower supply in international and domestic market.
USDA reported global rapeseed production forecast to decline 3.5 million tons in 2015/16.
NCDEX accredited warehouses mustard seed stocks dropped by 159 tonnes to 48522 tonnes.
In the Alwar spot market in Rajasthan the price gained 71.85 rupee to 5088.4 rupees per 100kgs.


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