Commodity Trading Tips for Mustard Seed KediaCommodity

Mustard-SeedMustardseed yesterday traded with the negative node and settled -0.75% down at 3730 due to profit booking amid tracking weakness in other oilseed counter but downside remained limited on a likely decline in production due to lower area under cultivation. Farmers have sown rapeseed on 6.455 million hectares as on Dec. 30, down from 6.821 million hectares a year earlier, data from the farm ministry showed. The total arrivals of mustard seed increased by 3000 bags at 69000 bags in major mandies. In the Alwar spot market in Rajasthan the price edged down by -25.75 rupee to 3610 rupees per 20 kgs. For today's session market is looking to take support at 3696.3, a break below could see a test of 3662.7 and where as resistance is now likely to be seen at 3784.3, a move above could see prices testing 3838.7.

Trading Ideas:

Mustard Seed trading range is 3662.7-3838.7.

Mustardseed dropped due to profit booking amid tracking weakness in other oilseed counters

Farmers have sown rapeseed on 6.455 million hectares as on Dec. 30, down from 6.821 million hectares

NCDEX accredited warehouses mustard seed stocks gained by 499 tonnes to 30530 tonnes.

In the Alwar spot market in Rajasthan the price edged down by -25.75 rupee to 3610 rupees per 20 kgs.