Rmseed settled up 1.41% at 3817 due to possibility of delay in new crop in the current year along with strong export demand of mustardmeal. The market sources suggested that below average temperature in major producing states such as Uttar Pradesh, Rajasthan and Madhya Pradesh will delay the overall formation and harvesting of the oilseed crop in the coming season. However, sowing progress still reported higher acreage so far in the current year. As per the latest release from Ministry of Agriculture, the total sowing acreage of mustard seed has been reported at 47 lakh hectares, up 25.67% from the last year in the same period. According to the latest data from the Sea Of India, the total Mustard Meal exports from the country stood at 143848 tonnes in October, up nearly 140% from the month of September. However, for the oil year (November-October), the Mustard Meal exports slipped 34% to 561516 tonnes. RM seed had gained in a solid manner in last few days and has managed to hit its highest level in nearly nine months. As per the latest release from Ministry of Agriculture, the total sowing acreage of mustard seed as on 28th November, 2013 reported at 60.74 lakh hectares against 57.14 lakh hectares in the same time last year. This year, mustard plantings may rise due to favourable climatic conditions and soil moisture. In the Alwar spot market in Rajasthan the price gained 19.3 rupee to 3758.05 rupees per 20kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 2.34% to settled at 34120 while prices up 53 rupee, now Rmseed is getting support at 3773 and below same could see a test of 3728 level, And resistance is now likely to be seen at 3841, a move above could see prices testing 3864.

Trading Ideas:

Rmseed trading range for the day is 3727-3863.

Mustard seed gained due to possibility of delay in new crop in the current year along with strong export demand of mustardmeal.

However, sowing progress still reported higher acreage so far in the current year.

NCDEX accredited warehouses mustard seed stocks dropped by 1664 tonnes to 8909 tonnes.

In the Alwar spot market in Rajasthan the price gained 19.3 rupee to 3758.05 rupees per 20kgs.