Mustardseed yesterday traded with the negative node and settled -0.63% down at 3289 on rising arrivals of rapeseed from the new crop in spot markets. Rapeseed arrivals from new crop are rising in north India. In coming weeks, supply of rapeseed oil will also rise as oil milers will start crushing of new crop. Arrivals of rapeseed from the new crop in Rajasthan, the biggest producer of the oilseed in the country, are expected to pick up in two weeks. The total arrivals of mustard seed decreased by 1000 bags at 73000 bags in major mandies. China has suspended imports of rapeseed meal from India from January 1 since some consignments were found contaminated with malachite green. Indian rapeseed consignments to China last year were found contaminated with malachite green that is feared to cause cancer if the level exceeds stipulated norms. In the Sri Ganganagar spot market in Rajasthan the price edged down by -31.25 rupee to 3352.5 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 3266 after opening at 3296, and finally settled at 3289. For today's session market is looking to take support at 3266.3, a break below could see a test of 3243.7 and where as resistance is now likely to be seen at 3311.3, a move above could see prices testing 3333.7.

Trading Ideas:

Mustard Seed trading range is 3243.7-3333.7.

Mustardseed ended dropped on rising arrivals of rapeseed from the new crop in spot markets

Supply of rapeseed oil will also rise as oil milers will start crushing of new crop

NCDEX accredited warehouses mustard seed stocks dropped by 3850 tonnes to 107678 tonnes.

In the Sri Ganganagar spot market in Rajasthan the price edged down by -31.25 rupee to 3352.5 rupees per 20 kgs.