Mustardseed yesterday traded with the negative node and settled -0.8% down at 2960 as prices get resistance on higher levels. A report released by International Grain Council mention that reduced rapeseed supply due to bad weather will increase the EU's soymeal imports to a four-year high of 23.6 million tons in 2011-12, up 400,000 tons from year earlier. EU's rapeseed output is forecast to fall 9% to a four-year low of 18.5 million tons. Germany's production may fall 25%. In the Sriganganagar spot market in Rajasthan the price edged down by -23.75 rupee to 2926.25 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 2958 after opening at 2979, and finally settled at 2960. For today's session market is looking to take support at 2950.3, a break below could see a test of 2940.7 and where as resistance is now likely to be seen at 2977.3, a move above could see prices testing 2994.7.

Trading Ideas:

Mustard Seed trading range is 2940.7-2994.7.

Mustardseed yesterday traded with the negative node as prices get resistance on higher levels.

EU's rapeseed output is forecast to fall 9% to a four-year low of 18.5 million tons.

NCDEX accredited warehouses mustardseed stocks gained by 312 tonnes to 183149 tonnes.

In the Sriganganagar spot market in Rajasthan the price edged down by -23.75 rupee to 2926.25 rupees per 20 kgs.