Mustard jumped 1% on Wednesday to close at 3,969 rupees per 100 kg on fresh buying by market participants. It has now reached the strong resistance near 3970-3980. Nafed has commenced the sale of PSS Mustard seed rabi 2019-20 in Madhya pradesh from through NEML and MSTC portal. As per data released by MOPA, with the new season arrivals is close to 55 lt and stocks with farmers are on higher side at 43 lt. In its 3rd adv estimates, mustard production revises higher to 87.82 lt from 83.97 lt in 2nd estimate. USDA maintain export forecast of rapemeal to 9 lt and output in 2019/20 at 77 lt (Vs 80 lt ) in its monthly report. As per SEA, rape meal exports also down 11% to 3.58 lt during the first four month of FY 19/20 compared to 4 lt last year. However, for July, Mustard meal exports were 19% higher on year at 93,837 tn due to firm demand from South Korea.
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