Mustard Seed on NCDEX settled down by -0.59% at 3869 tracking weakness in sprot demand on higher supply. Prices of seed will be down as Solvent Extractors Association of India hiked its output forecast for 2016-17. India's mustard output in 2016-17 is estimated at 7.2 million tons (including 120,000 tons of taramira and toria), up from 5.8 million tons a year ago as favourable weather led to better yield, the SEA of India reported citing a data on a field survey conducted by Neilsen India. India's mustard output in 2016-17 is estimated at 7.2 million tons (including 120,000 tons of taramira and toria), up from 5.8 million tons a year ago as favourable weather led to better yield, the SEA of India reported citing a data on a field survey conducted by Neilsen India. The rapeseed harvest in the EU, the world's top grower, will bounce back this year, US officials said, adding support to a growing consensus on rising production. The US Department of Agriculture's bureau in Vienna forecast EU rapeseed production to rise by 600,000 tonnes year-on-year, to 21.0m tonnes, thanks to rising yields. The USDA forecast falls behind that made by the European Commission, which at the end of last month raised its forecast for the 2017 rapeseed crop by 540,000 tonnes, to 22.55m tonnes. India is expected to produce around 6.5-7 million tonnes (mt) of rape mustard seeds in 2016-17 as compared to 5.8 mt produced in 2015-16 due to higher acreage and improving productivity. In Alwar spot market in Rajasthan the prices dropped -51.5 Rupees to end at 3767.5 Rupees per 100 kg.Technically now Rmseed is getting support at 3849 and below same could see a test of 3830 level, And resistance is now likely to be seen at 3891, a move above could see prices testing 3914.

Trading Ideas:

Rmseed trading range for the day is 3830-3914.

Mustard seed ended with losses tracking weakness in sprot demand on higher supply.

The rapeseed harvest in the EU, will bounce back this year, US officials said, adding support to a growing consensus on rising production.

NCDEX accredited warehouses mustard seed stocks gained by 657 tonnes to 9085 tonnes.

In Alwar spot market in Rajasthan the prices dropped -51.5 Rupees to end at 3767.5 Rupees per 100 kg.