2009-11-30 12:48:05
NCDEX December Mustard seed futures closed slightly higher on account of firm spot market on Friday.
Domestic Rabi oilseeds area so far been covered on 75.80 lakh hectare against 76.32 lakh hectare during corresponding period a year ago, as on November 26, 2009.
The area under Rapeseed/Mustard Seed is reported up at 60.10 lakh hectare against 58.40 lakh hectare a year ago, Groundnut at 2.42 lakh hectare vs 2.95 lakh hectare and Sunflower sowing is reported at 6.16 lakh hectare against 8.63 lakh hectare, safflower at 2.42 lakh hectare against 2.50 lakh hectare, Sesamum at 0.27 lakh hectare against 0.55 lakh hectare, Linsead at 3.32 lakh hectare against 2.50 lakh hectare and other oilseeds at 1.11 lakh hectare against 0.64 lakh hectare in the corresponding period last year.
Technical Analysis
Prices (NCDEX December Contract) closed higher at Rs. 610.00 per 20 Kg on Friday; its high of the day was 611.00 levels and touched a low of 597.50 levels.
Prices closed above its 10 Day & its 20 Day EMA. 14-Day RSI is at 74.27, which is in overbought zone.
Outlook
Mustard Seed prices are expected to trade slightly higher on account of better demand from millers for short term. However, in the long term, overall it is expected to trade lower on account of higher global oilseeds output and huge import of edible oils may provide support to bears.
Courtesy: Angel Commodities
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