Mustard seed settled down -0.91% at 3380 due to favourable crop conditions in the major producing states along with higher stocks in local mandies. In Alwar total arrivals are at 5000 Bags, down by 1000 Bags from previous trading day and in Sri Ganganagar Total market arrivals are at 400 Bags, up by 200 Bags as compared to previous day. Sowing of mustard seed surged to 7.1 million hectares until Jan 24 compared to 6.7 million hectares for the same period year ago, data from Farm Ministry showed. Cold wave conditions are prevailing in some parts of Rajasthan and these extreme cold weather for a prolonged period can trim rapeseed yields. Dense to moderate fog would occur at a few places over north Rajasthan during next 48 hours. Moderate fog would occur at a few places over north Madhya Pradesh. Sowing of mustard seed surged to 7.03 million hectares until now compared to 6.62 million hectares for the same period year ago, data from Farm Ministry showed. As per market sources, below average temperature in major mustard seed producing states such as Punjab, Rajasthan and Uttar Pradesh will encourage the productivity of mustard seed crop in the current year . The oil recovery rate is also expected to reach 41-42 % against the average of 39-40%. This will also increase the supplies of mustard oil in local mandies. Technically market is under fresh selling as market has witnessed gain in open interest by 0.61% to settled at 50830 while prices down -31 rupee, now Rmseed is getting support at 3367 and below same could see a test of 3353 level, And resistance is now likely to be seen at 3402, a move above could see prices testing 3423.

Trading Ideas:

Rmseed trading range for the day is 3354-3424.

Mustard seed dropped due to favourable crop conditions in the major producing states along with higher stocks in local mandies.

The recent rainfall in Rajasthan is favourable for rapeseed crop

NCDEX accredited warehouses mustard seed stocks dropped by 189 tonnes to 10164 tonnes.

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