Mustardseed yesterday traded with the positive node and settled 1.75% up at 4252 on good demand for meal. Concerns over soybean crop in US and delayed monsoon in India sparked the oilseeds prices in India as well as world. The demand of oil meal has also increased which has given support to the oilseeds prices including RMseed. In Canada the canola sowing is going up on higher oilseeds prices. During past few days traders have built up fresh positions in the market anticipating the further rise in prices in coming days. As per COOIT, Rapeseed output is estimated to drop by 12.6% to 6.03 mln tons in the year to June 2012. Rains have not been enough in many areas of the country which is a cause of concern and further delay may spark the edible oil prices including RMseed. In Canada the canola sowing is going up on higher oilseeds prices. During past few days traders have built up fresh positions in the market anticipating the further rise in prices in coming days. The total arrivals of mustard seed decreased by 5000 bags to 73000 bags in major mandies. In the Sri Ganganagar spot market in Rajasthan the price edged up by 68.3 rupee to 4160.6 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 4146 after opening at 4168, and finally settled at 4252. For today's session market is looking to take support at 4175.3, a break below could see a test of 4098.7 and where as resistance is now likely to be seen at 4299.3, a move above could see prices testing 4346.7.

Trading Ideas:

RM Seed trading range for the day is 4099-4347.

Mustard seed ended with gains on good demand for meal.

The demand of oil meal has also increased which has given support to the oilseeds prices including RMseed

NCDEX accredited warehouses mustard seed stocks gained by 712 tonnes to 129680 tonnes.

In the Sri Ganganagar spot market in Rajasthan the price edged up by 68.3 rupee to 4160.6 rupees per 20 kgs.