Mustardseed yesterday traded with the negative node and settled -2.45% down at 3311 due to good rainfall in rapeseed-growing areas and easing prices in the overseas markets. The top rapeseed growing north-western Rajasthan state received rains over the past few days, weather department data showed. Rapeseed oil production in India this year is expected to be around 20% lower than last year, due to the decline in the area under cultivation. According to the Mustard Oil Producers Association (MOPA), against production of seven million tonnes rapeseed oil achieved last year, the output this year is pegged at 5.5 million tonnes. The total arrivals of mustard seed increased by 1000 bags at 67000 bags in major mandies. In the Alwar spot market in Rajasthan the price edged down by -64.35 rupee to 3519.9 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 3295 after opening at 3380, and finally settled at 3311. For today's session market is looking to take support at 3269, a break below could see a test of 3227 and where as resistance is now likely to be seen at 3379, a move above could see prices testing 3447.

Trading Ideas:

Mustard Seed trading range is 3227-3447.

Mustardseed dropped due to good rainfall in rapeseed-growing areas and easing prices in the overseas markets

The top rapeseed growing north-western Rajasthan state received rains over the past few days

NCDEX accredited warehouses mustard seed stocks gained by 7703 tonnes to 68875 tonnes.

In the Alwar spot market in Rajasthan the price edged down by -64.35 rupee to 3519.9 rupees per 20 kgs.