Mustardseed yesterday traded with the negative node and settled -1.23% down at 3526 on profit booking tracking weak spot demand after prices gained on the back of weak carryover stocks along with weak arrivals in major mandies. Indian farmers have cultivated rapeseed on 6.44 million hectares, compared with 6.27 million hectares during the same period last year. The latest data stated the total stocks of around 6-7 lakh tonnes of mustard seed are likely to available on 31st December 2012. Cold wave is prevailing in the majority of the RMseed growing areas which is good for the standing crop. Till 20th Dec 2012, the sown area under RMseed is 64.44 lakh ha as against 62.66 lakh ha during same period last year. Prevailing conducive weather may boost production prospects this year. The country may expect to produce around 65 lakh tons RMseed during 2013-14. Mustard sowing area will be higher this year as the moisture level is good. Mustard seed production in India likely to increase on increased acreage to 52.24 lakh ha against 50.68 lakh ha. In the Sri Ganganagar spot market in Rajasthan the price edged down by -17.5 rupee to 4232.5 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 3525 after opening at 3578, and finally settled at 3526. For today's session market is looking to take support at 3508, a break below could see a test of 3490 and where as resistance is now likely to be seen at 3561, a move above could see prices testing 3596.

RMSEED

RM Seed trading range for the day is 3490-3596.

Mustardseed ended lower on profit booking tracking weak spot demand after prices gained on the back of weak carryover stocks.

Indian farmers have cultivated rapeseed on 6.44 million hectares, compared with 6.27 million hectares.

NCDEX accredited warehouses mustard seed stocks dropped by 51 tonnes to 20168 tonnes.

In the Sri Ganganagar spot market in Rajasthan the price edged down by -17.5 rupee to 4232.5 rupees per 20 kgs.

SELL RMSEED APR @ 3540 SL 3570 TGT 3518-3498.NCDEX