Mustardseed yesterday traded with the negative node and settled -1.06% down at 2906 on poor buying support in the physical markets and weakness in the domestic as well as international markets due to financial crisis in the US markets. The world agriculture supply demand report might report better crop prospects for rape seed which might affect the prices. Recovery of weather conditions in Ukraine and better crop production prospects in Rape seed across globe is might result in steep fall in prices. Over all global oil seed production expectation might also improve during the next USDA crop production report which might keep mustard prices under pressure. The total arrivals of mustard seed decreased by 11000 bags at major mandies to 60000 bags in major mandies. In the Sriganganagar spot market in Rajasthan the price edged down by -10 rupee to 2930 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 2883 after opening at 2925, and finally settled at 2906. For today's session market is looking to take support at 2881, a break below could see a test of 2856 and where as resistance is now likely to be seen at 2933, a move above could see prices testing 2960.

Trading Ideas:

Mustard Seed trading range is 2856-2960.

Mustardseed settled down due to weakness in the domestic as well as international markets

Mustardseed looks to take support at 2881 and resistance at 2933.

NCDEX accredited warehouses mustardseed stocks gained by 660 tonnes to 184328 tonnes.

In the Sriganganagar spot market in Rajasthan the price edged down by -10 rupee to 2930 rupees per 20 kgs.