Rmseed settled up 1.15% at 3511 tracking bullish sentiments for soybean complex and improved demand for mustard meal amid. Rapeseed meal exports from India jumped 8.5% to 95,847 tons in May compared to 88,284 tons for the same period a year ago, data from the SEA of India showed. 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. the Alwar spot market in Rajasthan the price gained 64.4 rupee to 3545.65 rupees per 20kgs. Technically market is under short covering as market has witnessed drop in open interest by -0.66% to settled at 120860, now Rmseed is getting support at 3495 and below same could see a test of 3474 level, And resistance is now likely to be seen at 3531, a move above could see prices testing 3546.

Trading Ideas:

Rmseed trading range for the day is 3472-3544.

Mustard seed ended with gains tracking bullish sentiments for soybean complex and improved demand for mustard meal amid.

Rapeseed meal exports from India jumped 8.5% to 95,847 tons in May compared to 88,284 tons for the same period a year ago.

The market sources suggest that possible decline in mustard seed production in the current year has reduced the cultivators selling at lower levels.

In the Alwar spot market in Rajasthan the price gained 64.4 rupee to 3545.65 rupees per 20kgs.