Rmseed settled down -0.38% at 3453 tracking weakness in spot demand because of decline in demand from crushers. Mustard market supply in Jaipur, Rajasthan was at 95000 Bags, down by 5000 bags from previous trading day. As per the latest release from Solvent Extractors' Association of India, the export data for export of oilmeals for the month of May 2014 reported at 0.95 lakh tons compared to 0.88 lakh tons in March, 2013 i.e. up 7.92%.The market sources suggest that possible decline in mustard seed production in the current year has reduced the cultivators selling at lower levels. The market sources suggest that the total production of mustard seed is estimate at 67 lakh tonnes against the previous estimate of 71 lakh tonnes for the current year. According to data from the US Department of Agriculture, the global production of mustard seed in 2014-15 is expected to drop by 3.4 per cent to 68.64 million tonnes from 71 million tonnes a year ago. On the domestic front, data from the Solvent Extractors’ Association of India shows that the sowing area under mustard seed has increased to 71.38 lakh hectare for the 2013-14 crop year (October to September), up 5.8 per cent from the previous year. In the Alwar spot market in Rajasthan the price gained 5.15 rupee to 3473.55 rupees per 20kgs. Technically market is under fresh selling as market has witnessed gain in open interest by 5.61% to settled at 116800 while prices down -11 rupee, now Rmseed is getting support at 3440 and below same could see a test of 3427 level, And resistance is now likely to be seen at 3473, a move above could see prices testing 3493.

Trading Ideas:

Rmseed trading range for the day is 3426-3492.

Mustard seed prices ended with losses tracking weakness in spot demand because of decline in demand from crushers.

Mustard market supply in Jaipur, Rajasthan was at 95000 Bags, down by 5000 bags from previous trading day.

NCDEX accredited warehouses mustard seed stocks gained by 40 tonnes to 84743 tonnes.

In the Alwar spot market in Rajasthan the price gained 5.15 rupee to 3473.55 rupees per 20kgs.