Rmseed on NCDEX settled down -0.25% at 3925 on forecast of higher output and yields. According to Ministry of Agriculture, till Jan 13 around 6.956 million hectare has been planted which is up by 11% on year for the same duration. The rains which are expected during the coming days would be favourable for the mustard crop as the crop requires moisture during this stage. The favourable climatic conditions this year have raised hopes of a bumper mustard crop in 2016-17, if there is no adversity reported in coming months. 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. Technically market is under fresh selling as market has witnessed gain in open interest by 3.27% to settled at 28080 while prices down -10 rupee, now Rmseed is getting support at 3902 and below same could see a test of 3878 level, And resistance is now likely to be seen at 3952, a move above could see prices testing 3978.

Trading Ideas:

Rmseed trading range for the day is 3878-3978.

Mustard seed ended with losses on forecast of higher output and yields.

According to Ministry of Agriculture, around 6.956 million hectare has been planted which is up by 11% on year for the same duration.

NCDEX accredited warehouses mustard seed stocks dropped by 20 tonnes to 3054 tonnes.

In Alwar spot market in Rajasthan the prices remains unchanged at0 rupees to end at 4334 rupees per 100 kg.