Mustardseed yesterday traded with the positive node and settled 1.89% up at 3825 tracking gains in spot demand due to falling arrivals from the producing regions. India's rapeseed output is estimated to drop 12.6 percent to 6.03 million tonnes in the year to June 2012, a trade body said on March 18. As per 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. Arrivals were also remained sluggish at major mandies due to poor production estimates of 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. The total arrivals of mustard seed decreased by 9000 bags at 1.10 lakh bags in major mandies. In the Sri Ganganagar spot market in Rajasthan the price edged down by -10 rupee to 3740 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 3766 after opening at 3773, and finally settled at 3825. For today's session market is looking to take support at 3778, a break below could see a test of 3731 and where as resistance is now likely to be seen at 3860, a move above could see prices testing 3895.

Trading Ideas:

RM Seed  trading range for the day is 3731-3895.

Mustard seed rose tracking gains in spot demand due to falling arrivals from the producing regions.

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 dropped by 376 tonnes to 131812 tonnes.

In the Alwar spot market in Rajasthan the price edged down by -10 rupee to 3740 rupees per 20 kgs.