Mustardseed yesterday traded with the negative node and settled -2.57% down at 3863 tracking weak spot demand though downside was limited on the back of rising demand from the physical markets. Rapeseed meal exports in March and February were down 20 percent and 45 percent respectively from a year ago. The total arrivals of mustard seed decreased by 20,000 bags at 1.41 lakh bags in major mandies. However, total daily arrivals were still reported at lower side in the range of 1.85-2 lakh bags due to weak production estimates in the current year. Some of the traders are still believe that Indian mustard seed production is likely to be much lower at 52 lakh tonnes against 68 lakh tonnes that were reported by SEA of India. Sluggish export demand also added some in mustard seed market. As per the latest release from The Solvent Extractors' Association of India , the total exports of mustard meal is at 43223 tonnes in April 2012 against 1.42 lakh tonnes that were reported in the last year in the same period. This is mainly due to waning export demand from Vietnam and Japan. In the Sri Ganganagar spot market in Rajasthan the price edged down by -5 rupee to 3877.5 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 3862 after opening at 3947, and finally settled at 3863. For today's session market is looking to take support at 3829.7, a break below could see a test of 3796.3 and where as resistance is now likely to be seen at 3928.7, a move above could see prices testing 3994.3.

Trading Ideas:

RM Seed  trading range for the day is 3796-3994.

Mustard seed settled down tracking weak spot demand though downside was limited on the back of rising demand

Rapeseed meal exports in March and February were down 20 percent and 45 percent respectively

NCDEX accredited warehouses mustard seed stocks gained by 2597 tonnes to 106743 tonnes.

In the Alwar spot market in Rajasthan the price edged down by -5 rupee to 3877.5 rupees per 20 kgs.