Mustardseed yesterday traded with the negative node and settled -0.4% down at 3505 as on supply pressure from the new season crop. As per the market data, the total arrivals of mustard seed have reduced to 2.50-2.60 lakh bags in the last week , down almost 0.50-0.60 lakh bags from the earlier. This was on the account of restricted supplies by farmers at lower levels. The market data suggested that farmers are currently having the stocks of around 41 lakh tonnes , while almost 8 lakh tonnes are lying in the miller's warehouses. Traders also suggested that t he total supply of mustard seed in the current year is expected at 67-68 lakh tonnes against the COOIT's estimate of 71 lakh tonnes . Therefore, reduction in mustard seed crop provoked the strong demand of mustard seed at lower level. The total arrivals of new mustard seed were reported at 3.05 lakh bags , up 30 thousand from the last day. The DOC demand has marginally improved in the market. Arrivals in physical markets are gradually improving which may also not allow prices to see any sharp upside movement. The Industry estimated 71.5 Lakh tons of RMseed production this year. In the Alwar spot market in Rajasthan the price edged down by -23.15 rupee to 3468.4 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 3495 after opening at 3521, and finally settled at 3505. For today's session market is looking to take support at 3492, a break below could see a test of 3479 and where as resistance is now likely to be seen at 3521, a move above could see prices testing 3537.

Trading Ideas:

RM Seed  trading range for the day is 3479-3537.

Mustard seed ended with losses as on supply pressure from the new season crop.

The total arrivals of mustard seed have reduced to 2.50-2.60 lakh bags in the last week , down almost 0.50-0.60 lakh bags

NCDEX accredited warehouses mustard seed stocks gained by 1364 tonnes to 68717 tonnes.

In the Alwar spot market in Rajasthan the price edged down by -23.15 rupee to 3468.4 rupees per 20 kgs.