Mustard seed Futures To Trade In Negative Zone

Advisory Data :-
Mustard seed futures are likely to open in red due to of favourable sowing conditions for mustard seed crop for the coming season along with steady arrivals in major mandies . The NCDEX mustard seed futures plunged by more than Rs 130 per quintal in the last week.
Traders mentioned that the total sowing acreage of mustard seed is likely to reach 65-67 lakh hectares in the coming year , up almost 10-12% from the last year due to better soil moisture level in major producing states along with remunerative prices across all the mandies. Therefore , better crop prospects incited the strong stockiest liquidation at elevated levels.
Traders also stated that the total daily arrivals of mustard seed remained steady in the last trading at around 60-70 thousand bags. While the spot prices of mustard witnessed strong selling across all the mandies to trade at around Rs 4100-4300 per quintal , down almost Rs 75-90 per quintal from the last week.
Consequently, the NCDEX Mustard seed October Delivery pared Rs 130 per quintal in the last week to settle at around Rs 4090 per quintal in the last week. Technically, prices are likely to trade in the range of Rs 3950-4200 per quintal in the near term.