Mustard seed dropped on profit booking and on expectation of higher supply. Mustard sowing is completed on 6.953 million hectare as compared to 6.276 million hectare, higher by 10.8%. Congenial sowing conditions and higher prices forced farmers to take buoyant sowing of Mustard in Rajasthan, Madhya Pradesh and Uttar Pradesh. Mustard sowing in Uttar Pradesh has crossed normal acreage of the season. Favourable weather conditions (cool and dry) during last month has led Mustard crop to be good to excellent conditions. Temperatures were reported below normal during last 7-8 days which will help in improving the crop conditions in turn on yields. Crop is in vegetative to flowering and pod formations. The spell of cold day and night in coming fortnight is likely to continue which will boost flowering and pod formation. No major pest/disease threat reported from Key regions. At Kota market , traders reported arrivals at 1200 Bags, lower by 800 Bags as compared to previous day. At Bhind market in Madhya Pradesh, estimated market supply was at 500 quintals, unchanged as compared to previous day’s arrival. At Jaipur market , traders reported arrivals at 2000 Bags, down by 2000 Bags from previous day’s arrivals. Technically market is under fresh selling as market has witnessed gain in open interest by 5.3% to settled at 22460 while prices down -15 rupee, now Rmseed is getting support at 3877 and below same could see a test of 3857 level, And resistance is now likely to be seen at 3932, a move above could see prices testing 3967.

Trading Ideas:

Rmseed trading range for the day is 3857-3967.

Mustard seed dropped on profit booking and on expectation of higher supply.

Mustard sowing in Uttar Pradesh has crossed normal acreage of the season.

NCDEX accredited warehouses mustard seed stocks dropped by 30 tonnes to 3334 tonnes.

In Alwar spot market in Rajasthan the prices gained 25.75 rupees to end at 4256.75 rupees per 100 kg.