Rmseed on NCDEX settled up 1.35% at 4729 on supply worries in global market. According to USDA's May report, global rapeseed production is forecast to decline in 2016/17 to 66.15 million tons as lower sown area is reported in Canada, Ukraine, the Europe, and China. Moreover, in Canada and EU the rapeseed production might fall due lower acreage and expectation of insect damage. New arrivals were reported in the range of 2-2.50 lakh bags.

 The latest survey report from SEA OF INDIA, the total mustard seed crop for marketing year 2015-16 is estimated at 57.28 lakh tonnes against 50 lakh tonnes of the last year in the same period. 

The total crop size of Rajasthan is estimated at 26.02 lakh tonnes against 23.02 lakh tonnes of the previous year. Driven by higher yield of mustard seed, India’s oilseed production is seen higher by about 7 lakh tonnes (lt) for the year 2015-16 rabi season, according to the industry estimates. 

Even though the mustard acreage had dropped by about 66,000 hectares to 64.51 lakh hectares in 2015-16 rabi season as against 65.17 lakh hectares last year, the yields were likely to be higher by 132 kg/ha at 899 kg/ha against 767, COOIT said.  

                        Trading Ideas

• Rmseed trading range for the day is 4606-4812.

• Mustard seed prices ended with gains on supply worries in global market.        

• NCDEX accredited warehouses mustard seed stocks dropped by 271 tonnes to 50470 tonnes.   

• In Alwar spot market in Rajasthan the prices gained 12.85 rupees to end at 4662.3 rupees per 100 kg.