Mustardseed yesterday traded with the negative node and settled -1.11% down at 3826 due to profit booking tracking weakness in other oilseed counters. India's rapeseed output is estimated to drop 12.6 percent to 6.03 million tonnes in the year to June 2012. 3rd Advance Estimates of Crop Production for 2011-12 released by Ministry of Agriculture which shows production estimates of rape/mustard seed of 6.96 million tonnes which is much higher as compared to COOIT’s figure of 6.03 million tonnes. The total arrivals of mustard seed decreased by 3000 bags at 1.24 lakh bags in major mandies. Rapeseed meal exports in April, the first month of the new fiscal year, dropped to 43,233 tonnes from 142,232 tonnes a year ago, according to data from the SEA. The total arrivals of mustard seed decreased by 30,000 bags at 1.27 lakh bags in major mandies. 3rd Advance Estimates of Crop Production for 2011-12 released by Ministry of Agriculture which shows production estimates of rape/mustard seed of 6.96 million tonnes which is much higher as compared to COOIT’s figure of 6.03 million tonnes. In the Sri Ganganagar spot market in Rajasthan the price edged down by -7.5 rupee to 3717.5 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 3780 after opening at 3860, and finally settled at 3826. For today's session market is looking to take support at 3779.7, a break below could see a test of 3733.3 and where as resistance is now likely to be seen at 3872.7, a move above could see prices testing 3919.3.

Trading Ideas:

RM Seed  trading range for the day is 3733-3919.

Mustard seed ended with weak trend due to profit booking tracking weakness in other oilseed counters

India's rapeseed output is estimated to drop 12.6 percent to 6.03 million tonnes in the year to June 2012.

NCDEX accredited warehouses mustard seed stocks gained by 2950 tonnes to 121128 tonnes.

In the Alwar spot market in Rajasthan the price edged down by -7.5 rupee to 3717.5 rupees per 20 kgs.