Rmseed settled up 1.94% at 3356 as bad weather condition in key oilseed growing area hurting investor's sentiments of higher yield prospects and tracking bullish soybean complex. Sowing of mustard seed surged to 7.12 million hectares until now compared to 6.72 million hectares for the same period year ago, data from Farm Ministry showed. Mustard seed prices slipped further today, extending its weak run on excellent sowing progress. Prices have slipped in last few days as rising area under the commodity spurred hopes of a strong crop. Prices extended their recent slide. Lack of demand in edible oils and worries over the Mustard Meal demand have been the moderating factors for Mustard seed and oil. According to latest data from the Solvent Extractor's Association (SEA), the acreage under oilseeds stood at 88.25 lakh hectares, up 3.21%. The acreage under mustard seed stood at 71.35 lakh hectares, up 6%. Latest rabi sowing data from the government shows that acreage under oilseeds stood at 88.40 lakh hectares, up more than 3% compared to the last year. Spot prices of RM Seed in Jaipur are trading at Rs 3400, down Rs 10 per quintal on the day. Cold wave conditions are prevailing in some parts of Rajasthan and these extreme cold weather for a prolonged period can trim rapeseed yields. In the Alwar spot market in Rajasthan the price gained 25.75 rupee to 3404 rupees per 20kgs. Technically market is under short covering as market has witnessed drop in open interest by -1.13% to settled at 61030 while prices up 64 rupee, now Rmseed is getting support at 3311 and below same could see a test of 3265 level, And resistance is now likely to be seen at 3382, a move above could see prices testing 3407.

Trading Ideas:

Rmseed trading range for the day is 3265-3407.

Mustard seed rose as bad weather condition in key oilseed growing area hurting investor's sentiments of higher yield prospects

Sowing of mustard seed surged to 7.12 million hectares until now compared to 6.72 million hectares for the same period year ago.

Technically market is under short covering as market has witnessed drop in open interest by -1.13% to settled at 61030

In the Alwar spot market in Rajasthan the price gained 25.75 rupee to 3404 rupees per 20kgs.