Mustard yesterday settled up 0.18% at 3380 as weak arrival and improved buying support tracking firmness in other oilseed counters supported prices. The mustard seed arrivals are slipping in major mandies now as the peak supplies season gets over. Overall demand in edible oils is expected to rise in coming days as festive season approaches. The total arrivals of rapeseed, in Rajasthan were placed at 25,000-35,000 bags of 85 kg each. Higher global production estimates for rapeseed and higher domestic oilseed acreage estimates in the current season are likely to put slight pressure on the rapeseed markets. Market sources indicate that around 50% of the last year's crop is still available in the market. This will encouraged strong selling by stockiest at every rise in futures market. The mustard seed futures swelled by almost 10% in the last one week due to sharp rise in other oilseeds like soyabean and castor seed. As per the latest data compiled by the Ministry of Agriculture stated that the total sowing acreage of oilseeds reported at 173 lakh hectares, up 28% from the last year in the same year. This was mainly due to the strong acreage of soybeans and Groundnut in the current years. In the Alwar spot market in Rajasthan the price gained 26 rupee to 3507 rupees per 20kgs. Technically market is under short covering as market has witnessed drop in open interest by -2.27% to settled at 76230 while prices up 6 rupee, now Mustard is getting support at 3351 and below same could see a test of 3322 level, And resistance is now likely to be seen at 3414, a move above could see prices testing 3448.

Trading Ideas:

Rmseed trading range for the day is 3325-3451.

Mustard seed ended with gains as weak arrival and improved buying support tracking firmness in other oilseed counters.

The mustard seed arrivals are slipping in major mandies now as the peak supplies season gets over.

NCDEX accredited warehouses mustard seed stocks dropped by 1286 tonnes to 61286 tonnes.

In the Alwar spot market in Rajasthan the price gained 25.75 rupee to 3507 rupees per 20kgs.