Rmseed settled down -0.34% at 3535 on expectation of a bumper crop. Given the rise in sowing area and favourable crop report, any rally in appears unlikely in the coming days. According to sources, given rise in sowing area, production of mustard seeds this year is expected to be around 75 lakh tonnes against 68 lakh tonnes last year. Besides, adequate carryover stock which is estimated to be around 8-10 lakh tonnes will also likely to keep both mustard seeds and mustard oil prices on leash. Arrival of mustard seeds across the mandis in country was recorded at 85,000 bags (75,000 bags last week). As per the latest release from Ministry of agriculture, the sowing acreage of mustard seed was 66.52 lakh hectares as on 14 December 2013 as against 63.14 lakh hectares a year ago. This was mainly on account of higher area under the crop in major producing states such as Rajasthan and Madhya Pradesh (MP). Traders mentioned that below-average temperature in some parts of Rajasthan, MP and Uttar Pradesh will encourage the sowing of mustard seed over other short duration crops like coriander and jeera. As per the latest release from Ministry of Agriculture, the total sowing acreage of mustard seed reported at 66.52 lakh hectares against 63.14 lakh hectares in the same time last year. This was mainly on the account of higher sowing acreage in major producing states such as Rajasthan and Gujarat. Technically market is under fresh selling as market has witnessed gain in open interest by 0.14% to settled at 42100 while prices down -12 rupee, now Rmseed is getting support at 3513 and below same could see a test of 3490 level, And resistance is now likely to be seen at 3563, a move above could see prices testing 3590.

Trading Ideas:

Rmseed trading range for the day is 3488-3588.

Mustard seed settled down on expectation of a bumper crop. Given the rise in sowing area and favourable crop report

According to sources, given rise in sowing area, production of mustard seeds this year is expected to be around 75 lakh tonnes

NCDEX accredited warehouses mustard seed stocks dropped by 454 tonnes to 4956 tonnes.

In the Alwar spot market in Rajasthan the price gained 45.1 rupee to 3751.65 rupees per 20kgs.