Rmseed settled up 0.29% at 3424 due to bargain by millers and exporters in local mandies. The spot market sources suggested that strong offtake by millers and exporters has witnessed some gains in physical prices. The latest data release by SEA of India suggested that the exports of mustard meal during the December 2013 reported strong gains of over 257% to reach 0.93 lakh tonnes against 0.26 lakh tonnes of the previous year. As per the latest release from Ministry of agriculture, the sowing acreage of mustard seed was 69.76 lakh hectares as against 65.05 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). According to a trade sources, given the rise in sowing area, production of mustard in the country this year is expected to be around 75 lakh tonnes against 64 lakh tonnes last year. Arrival of mustard across the mandis was recorded at 83,000 bags (60,000 bags last week) with Rajasthan leading with 40,000 bags, followed by Uttar Pradesh with 11,000 bags, Punjab/Haryana with 9,000 bags, Madhya Pradesh 8,000 bags and Gujarat 5,000 bags, while 10,000 bags were offloaded elsewhere in the country. In the Alwar spot market in Rajasthan the price dropped -25.75 rupee to 3558.5 rupees per 20kgs. Technically market is under short covering as market has witnessed drop in open interest by -2.84% to settled at 33520 while prices up 10 rupee, now Rmseed is getting support at 3414 and below same could see a test of 3405 level, And resistance is now likely to be seen at 3432, a move above could see prices testing 3441.

Trading Ideas:

Rmseed trading range for the day is 3406-3442.

Mustard seed ended with gains due to bargain by millers and exporters in local mandies.

The spot market sources suggested that strong offtake by millers and exporters has witnessed some gains in physical prices.

NCDEX accredited warehouses mustard seed stocks gained by 20 tonnes to 3165 tonnes.

In the Alwar spot market in Rajasthan the price dropped -25.75 rupee to 3558.5 rupees per 20kgs.