Mustardseed yesterday traded with the negative node and settled -2.25% down at 3866 tracking weakness in spot market demand amid weakness in other oilseed counters. 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 Mustard seed. This year Mustard seed 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 increased by 25,000 bags at 2.20 lakh bags in major mandies. In the Sri Ganganagar spot market in Rajasthan the price edged down by -46.25 rupee to 3835 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 3859 after opening at 3948, and finally settled at 3866. For today's session market is looking to take support at 3834, a break below could see a test of 3802 and where as resistance is now likely to be seen at 3923, a move above could see prices testing 3980.

Trading Ideas:

RM Seed  trading range for the day is 3802-3980.

Mustard seed ended weak tracking weakness in spot market demand amid weakness in other oilseed counters

This year Mustard seed production is estimated at 58.8 LT as compared to 70 LT last year.

NCDEX accredited warehouses mustard seed stocks gained by 2631 tonnes to 73943 tonnes.

In the Alwar spot market in Rajasthan the price edged down by -46.25 rupee to 3835 rupees per 20 kgs.