Mustardseed yesterday traded with the negative node and settled -0.3% down at 3388 tracking weakness in spot market demand. Lower acreage and depleted stocks might help the prices to recover as the day progresses. Pre production estimates are lower at lower than last year at 65-70 lakh bags which might help the prices to remain positive in near term. Sowing acreage of Rabi oilseeds in India was 7.8 million hectare as compared to 8.31 million hectare a year ago on 23/12/2011. Sowing acreage of rape/mustard seed in India was 6.38 million hectare as compared to 6.77 million hectare a year ago. The total arrivals of mustard seed were reported at 62000 bags and around 11000 bags. In the Alwar spot market in Rajasthan the price edged down by -78.55 rupee to 3404 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 3366 after opening at 3390, and finally settled at 3388. For today's session market is looking to take support at 3366.7, a break below could see a test of 3345.3 and where as resistance is now likely to be seen at 3408.7, a move above could see prices testing 3429.3.

Trading Ideas:

Mustard Seed trading range is 3345.3-3429.3.

Mustardseed yesterday traded with the negative node tracking weakness in spot market demand

Lower acreage and depleted stocks might help the prices to recover as the day progresses

Sowing acreage of Rabi oilseeds in India was 7.8 million hectare as compared to 8.31 million hectare

In the Alwar spot market in Rajasthan the price edged down by -78.55 rupee to 3404 rupees per 20 kgs.