Rmseed settled up 0.29% at 3449 on late short covering despite of weakness in spot demand because of decline in demand from crushers.  Some moderation emerged in the Mustard meal imports after the massive surge witnessed in overseas buying in last few weeks. India's Rapeseed meal exports rose to 1,25,872 tonnes in April this year from 54,077 tonnes in the year-ago period on strong demand from South Korea and Thailand. The acreage under mustard seed stood at 70.35 lakh hectares, up 6%. As per the latest crop survey by SEA of India, India's total mustard seed crop in 2013-14 is estimated at 74.40 lakh tonnes against 67 lakh tonnes of last year. This is mainly due to higher crop estimates in Rajasthan and Gujarat. As per the second advance estimates of Indian government, the total mustard seed production in 2013-14 is estimated at 8.25 million tonnes against 8.03 million tonnes due to higher sowing acreage. Rapeseed-mustard including toria crop is estimated at 8% higher to 7.3 million tons in 2013-14 season from 6.8 million tons of last year, data from the Central Organisation for Oil Industry & Trade (COOIT) showed. India 2013-14 rapeseed-mustard production may to 7.6 tons, up 11% on year, data release from the Solvent Extractors Association (SEA) of India showed. In the Alwar spot market in Rajasthan the price dropped -25.75 rupee to 3455.5 rupees per 20kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 10.43% to settled at 100930, now Rmseed is getting support at 3428 and below same could see a test of 3398 level, And resistance is now likely to be seen at 3472, a move above could see prices testing 3486.

Trading Ideas:

Rmseed trading range for the day is 3396-3484.

Rmseed gained on late short covering despite of weakness in spot demand because of decline in demand from crushers.

India's Rapeseed meal exports rose to 1,25,872 tonnes in April this year from 54,077 tonnes in the year-ago period.

NCDEX accredited warehouses mustard seed stocks gained by 120 tonnes to 84573 tonnes.

In the Alwar spot market in Rajasthan the price dropped -25.75 rupee to 3455.5 rupees per 20kgs.