Mustardseed yesterday traded with the negative node and settled -0.85% down at 2900 as prices remained under pressure due to strong production estimates in the current year along with comfortable carryover stocks in the physical market. As per market sources, traders are estimating the total mustard seed production at 7 million tonnes against 6.7 million tonnes that were reported last year in the same period .This is mainly due to steady prices of mustard seed in the current season along with favourable monsoon rainfall in the current year. Moreover, comfortable stocks of around 19-21 lakh tonnes might also easily convene the mustard seed crushing demand in the next 5-6 months. The total arrivals of mustard seed decreased by 2000 bags to 84000 bags in major mandies. In the Alwar spot market in Rajasthan the price edged down by -15.45 rupee to 2976.55 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 2890 after opening at 2921, and finally settled at 2900. For today's session market is looking to take support at 2886.3, a break below could see a test of 2872.7 and where as resistance is now likely to be seen at 2917.3, a move above could see prices testing 2934.7.

Trading Ideas:

Mustard Seed trading range is 2872.7-2934.7.

Mustard seed remained under pressure due to strong production estimates in the current year

The total arrivals of mustard seed decreased by 2000 bags to 84000 bags in major mandies.

NCDEX accredited warehouses mustard seed stocks dropped by 4242 tonnes to 165093 tonnes.

In the Alwar spot market in Rajasthan the price edged down by -15.45 rupee to 2976.55 rupees per 20 kgs.