Monday, December 1, 2008

Hot Commodities Rape Mustard Seed On Arrivals - Dec 01, 2008

The Mustard Seed futures extended the gains on today's trading session on strong demand and lower arrivals. The sowing of the Mustard Seed progressed well this year, this is not affecting the prices of the Mustard Seed on strong demand for the commodity and lower arrivals. The area under coverage of the Mustard Seed stood at 58.4 lakh hectare as on as on 27th November 2008 as against 52.81lakh hectare as on 27th November last year.

Mustard/Rapeseed cultivation is done widely throughout the world. It is basically a winter crop or Rabi crop in India and it requires a temperate climate to prosper. The planting season or the sowing period in India is during the Rabi season i.e. October to November. The crop starts flowering in the months of November, December, January and February. The harvesting period is from February to March. It needs a right proportion of rainfall that is provided by the monsoon during the sowing seasons of the crop. The rapeseed/mustard crop is actually acts as a very good cover of soil in winters.

The Mustard Seed finds good demand during lean arrival period. The arrivals of the commodity plunged in the major mandies. According to the latest updates from the Rajasthan State Agriculture Marketing Board, the Mustard arrivals in the Alwar mandi in the state dropped to the lowest ranges of 278-1114 quintals in the last week from the previous week arrivals of 842- 1370 quintals in the first two weeks of the month November.

The Rape Mustard Seed futures benchmark January contract on NCDEX spurted nearly Rs 8.55 or 1.47% to Rs 588.80 per 20 kg and the open interest spurted 0.93% to 67,230 lots from 66,610 lots as on last day, indicating fresh buying. The contract rallied nearly 12.47% from the recent contract low of Rs 523.50 as on 20th November 2008.The Rape Mustard Seed price in the benchmark Jaipur mandi in the state of the Rajasthan spurted today nearly Rs 0.90 Rs 633.30 per 20 kg. The commodity rallied nearly Rs 17.15 or 2.75% over the last week.

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