Mustardseed yesterday traded with the positive node and settled 0.3% up at 3957 tracking firm spot markets demand. The brisk demand from oil mills and vanaspati units against restricted supply mainly pushed up prices. However, worried over the very high prices of oilseeds complex, the Exchange has taken various steps to reduce the excessive speculative activities. Production loss is nearly 16% in RMseed. This year RMseed production is estimated at 58.8 LT as compared to 70 LT last year. The total output of Rape-Mustard in the country including Toria Crop is estimated at 60.3 lakh tonnes for the current season, according to a latest update from the Solvent Extractor's Association Of India (SEA). The SEA opines that the crop size is reasonable and do not get panic to buy rapeseed at high price and run into losses. It would be more prudent and advisable to restrict your buying to the current operational need.  The total arrivals of mustard seed decreased by 51,000 bags at 1.95 lakh bags in major mandies. In the Sri Ganganagar spot market in Rajasthan the price edged down by -18.75 rupee to 3881.25 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 3915 after opening at 3929, and finally settled at 3957. For today's session market is looking to take support at 3927, a break below could see a test of 3897 and where as resistance is now likely to be seen at 3975, a move above could see prices testing 3993.

Trading Ideas:

RM Seed  trading range for the day is 3897-3993.

Mustard seed ended with gains tracking firm spot markets demand

The brisk demand from oil mills and vanaspati units against restricted supply mainly pushed up prices

NCDEX accredited warehouses mustard seed stocks gained by 3697 tonnes to 71312 tonnes.

In the Alwar spot market in Rajasthan the price edged down by -18.75 rupee to 3881.25 rupees per 20 kgs.