Mustardseed yesterday traded with the negative node and settled -0.33% down at 4255 as selling emerges from higher levels on the back of strong production estimates for the current year coupled with sturdy supplies of soyabean crop in local mandies. Strapping millers offtake ahead of upcoming festival demand enabled sturdy gains in both spot and futures market. Moreover, positive crushing margin from mustard seed crushing also added some gains in the domestic market. The total stocks of around 12-13 lakh tonnes have been reported in the major producing states against the total requirement of 15-16 lakh tonnes till February month. This might also create the scarcity in mustard market in the coming days. In the spot market, the total daily arrivals of mustard seed slumped by almost 2000 bags to 40 thousand bags today. While the spot prices of mustard witnessed strong buying across all the mandies to trade at around Rs 4100-4400 per quintal, up almost Rs 40-60 per quintal from the last day. In the Sri Ganganagar spot market in Rajasthan the price edged down by -60 rupee to 4140 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 4232 after opening at 4251, and finally settled at 4255. For today's session market is looking to take support at 4215.3, a break below could see a test of 4175.7 and where as resistance is now likely to be seen at 4311.3, a move above could see prices testing 4367.7.

Trading Ideas:

RM Seed trading range for the day is 4176-4368.

Mustard seed ended lower on the back of strong production estimates for the current year

Strapping millers offtake ahead of upcoming festival demand enabled sturdy gains in market

NCDEX accredited warehouses mustard seed stocks dropped by 581 tonnes to 54930 tonnes.

In the Sri Ganganagar spot market in Rajasthan the price edged down by -60 rupee to 4140 rupees per 20 kgs.