Commodity Trading Tips

NCDEX Tips: Mustard Price is Likely have a Bull Trend

Largest producer of mustard canola Canada has estimated drastically cut on its production. As per Market Times Exclusively Agriculture and Agri-Food Canada or the Canadian government food department (AAFSI) Report mustard canola rapeseed production could come down to 143 million tonnes in year 2015-16. Before this AAFSI has issued the estimated production on 150 million tonnes in June. During the year 2014-15 Canada had been estimated canola rapeseed production of 155.5 million tonnes and before this during the year 2013-14 it was close to 180 million tonnes.

It means the estimated production of canola rapeseed will be much less then the previous years on 21st July 2015-16 Reports, also it indicate that the production will be decrease from June’s pridition. In Canada, the crop year runs from first August to July 31st.

NCDEX Mustard Trend

Huge Hikes is Expected in Price
Due to the reduction in canola production in Canada, strong gains in prices of mustard could be seen. AAFSI has estimated increament in the average price of mustard for year 2015-16. For estimate released in June for year 2015-16 the average price was pridict to 450-490 Canadian Dollar per tonne, which has been raised now to 510-550 Canadian Dollar per tonne.That means the current crop year 2014-15 and has also increased the average price increased to $ 490-510 per tonne has been.

Impact on NCDEX
Reduce the production and price hikes of mustard canola in Canada impact may appear on the Indian Commodity Market. Canada is the largest exporter of mustard and India also exports large amount of mustard vile. Recently export of mustard vile India has a deel with China, yet China needs fulfiled by Canada. But mustard production in Canada is likely to remain low this year and next year also, which will affect China and China Export of mustard oil cake resulting from the production of mustard also be affected. However, China has a large stocks of mustard oil.

NCDEX Tips for Soyabean

Commodity NCDEX SoyaBean
Trend Sideways to Bearish
Support 3353-3288
Resistance 3399-3472
NCDEX Tips Sell on High
Commodity NCDEX Refined Soy
Trend Sideways
Support 575-568
Resistance 580-586
NCDEX Tips Sell on High

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