Mustardseed yesterday traded with the positive node and settled 1.63% up at 4047 tracking good demand from spot market amid firmness in other oilseed counters. Traders have focused more on the soybean rather than RMseed for time being. However if there are deficient rains than RMseed market may again see significant rally in near future. In Canada the canola sowing is going up on higher oilseeds prices. Indian monsoon rain would decide the fate of oilseeds prices in India. Still it is not too late for sowing of kharif crops in the south and central India. As per Solvent Extractors' Association of India, the domestic export of oil meals during May 2012 has increased to 351,791 tonnes, up by 8.60% as compared to 323,907 tonnes in May 2011. The total export of oil meals during April-May 2012 is reduced to 752, 218 tonnes, down more than10% as compared to the same period of last year. The total arrivals of mustard seed decreased by 3000 bags to 84000 bags in major mandies. In the Sri Ganganagar spot market in Rajasthan the price edged down by -19.6 rupee to 3850.4 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 3984 after opening at 3995, and finally settled at 4047. For today's session market is looking to take support at 4004, a break below could see a test of 3961 and where as resistance is now likely to be seen at 4070, a move above could see prices testing 4093.

Trading Ideas:

RM Seed  trading range for the day is 3961-4093.

Mustardseed yesterday traded with the positive node tracking good demand from spot market amid firmness in other oilseed counters

The total export of oil meals during April-May 2012 is reduced to 752, 218 tonnes

NCDEX accredited warehouses mustard seed stocks gained by 582 tonnes to 128475 tonnes.

In the Sri Ganganagar spot market in Rajasthan the price edged down by -19.6 rupee to 3850.4 rupees per 20 kgs.