Mustardseed yesterday traded with the negative node and settled -2.81% down at 3595 due to profit taking at higher levels due to strong supplies in major mandies. However, the latest mustard seed crop estimates of SEA of India estimated that the total mustard seed production in the current year is likely to decline 8% to 62.68 lakh tonnes against 68.50 lakh tonnes that were reported in the current year. This is mainly on the account of poor sowing acreage along with poor productivity levels in the major producing states. As per latest mustard seed crop estimates of SEA of India estimated that the total mustard seed production in the current year is likely to decline 8% to 62.68 lakh tonnes against 68.50 lakh tonnes that were reported in the current year. This is mainly on the account of poor sowing acreage along with poor productivity levels in the major producing states. The total arrivals of mustard seed increased by 138000 bags at 3.50 lakh bags in major mandies In the Sri Ganganagar spot market in Rajasthan the price edged down by -52.5 rupee to 3587.5 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 3581 after opening at 3689, and finally settled at 3595. For today's session market is looking to take support at 3537.7, a break below could see a test of 3480.3 and where as resistance is now likely to be seen at 3695.7, a move above could see prices testing 3796.3.

Trading Ideas:

RM Seed trading range for the day is 3480-3796.

Mustard seed dropped due to profit taking at higher levels due to strong supplies in major mandies

The latest mustard seed crop estimates of SEA of India estimated that the total production is likely to decline 8%

The total arrivals of mustard seed increased by 138000 bags at 3.50 lakh bags in major mandies

In the Alwar spot market in Rajasthan the price edged down by -52.5 rupee to 3587.5 rupees per 20 kgs.