Mustard Seed on NCDEX settled down by -0.15% at 3919 tracking weakness in spot demand amid higher supply. Pressure also seen amid oversupply woes as the upcoming mustard crop has entered into the prodding stage and weather is favourable till next week due to which traders are anticipating that new mustard crop will be higher by around 10-15% over last year. Demand for rm seed is expected to rise on the higher cold weather which solidifies other oil. Minimum temperatures continued to be below normal at many places over Rajasthan, Punjab, Haryana, West Uttar Pradesh, West Madhya Pradesh, Chhattisgarh, Telangana and Rayalseema. Maximum temperatures also recorded below normal at many places over North, Northwest and Central parts of India. 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. The crop is in vegetative to flowering and pod formations. The spell of cold day and night in the coming fortnight is likely to continue which will boost flowering and pod formation. In Alwar spot market in Rajasthan the prices dropped -90.1 rupees to end at 4243.9 rupees per 100 kg. Technically market is under fresh selling as market has witnessed gain in open interest by 2.39% to settled at 28750 while prices down -6 rupee, now Rmseed is getting support at 3908 and below same could see a test of 3897 level, And resistance is now likely to be seen at 3930, a move above could see prices testing 3941.

Trading Ideas:

# Rmseed trading range for the day is 3897-3941.

# Mustard seed prices ended with losses tracking weakness in spot demand amid higher supply.

# Pressure also is seen amid oversupply woes as the upcoming mustard crop has entered into the prodding stage.

# NCDEX accredited warehouses mustard seed stocks dropped by 1074 tonnes to 1980 tonnes.

# In Alwar spot market in Rajasthan the prices dropped -90.1 rupees to end at 4243.9 rupees per 100 kg.