Rmseed on NCDEX settled down -0.87% at 4800 amid expectation of higher supply. Prices also seen under pressure due to high acreage and favourable weather. However downside seen limited as demand for mustard oil cake usually remained at peak level in winter, starting from November. Mustard oil is consumed by nearly 75% of the population in northern part of India during winter season. Mustard seed acreage so far for the season is pegged at 5.8 million hectares year on year up by 17.8%, government data showed. The rabi sowing in the largest mustard producing state, Rajasthan has started. According to government data, Rajasthan has sown 13.7 lakh hectares as on now, up by 191.5% higher compared to last year acreage. As per agriculture ministry data, all-India acreage of mustard in the ongoing rabi season was nearly 1.9 mln ha, up 175.2% from a year ago. The country's production of rapeseed is expected to increase by 12.5% to 6.3 mt from a year earlier. In Rajasthan--the largest mustard producing state--the crop has been sown across 1.4 mln ha, almost a threefold increase from 473,800 ha sown a year ago, the data showed. The area under mustard was also three times higher in Uttar Pradesh at 350,000 ha. In Madhya Pradesh, the oilseed has been sown over 58,000 ha, up 76% from 33,000 ha sown a year ago. Technically market is under long liquidation as market has witnessed drop in open interest by -0.3% to settled at 35980 while prices down -42 rupee, now Rmseed is getting support at 4761 and below same could see a test of 4721 level, And resistance is now likely to be seen at 4855, a move above could see prices testing 4909.

Trading Ideas:

Rmseed trading range for the day is 4721-4909.

Mustard seed prices ended with losses amid expectation of higher supply.

Prices also seen under pressure due to high acreage and favourable weather.

Mustard seed acreage so far for the season is pegged at 5.8 million hectares year on year up by 17.8%, government data showed.

In Alwar spot market in Rajasthan the prices remains unchanged at0 rupees to end at 4849 rupees per 100 kg.