Rmseed settled down -0.64% at 3553 due to strong stockiest liquidation in local mandies coupled with improvement in monsoon conditions in Northern India. The arrivals are in the range of 60,000—80,000 bags of 85 Kg each. World rapeseed output may fall to 68.59 million tons from 69.73 million tons, with Canada’s expected crop slipping to 15.8 million tons from 17.96 million. European Union rapeseed output is seen climbing to 22.42 million tons from 21.23 million tons. Export projections for the crop was pushed up in the wake of such large harvests, but harsh weather coupled with heavy rail congestion on key lines across Canada and the northern United States slowed the flow of rapeseed early in 2014. But the exports from Canada have surged considerably in last couple of months. 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 25.75 rupee to 3635.75 rupees per 20kgs. Technically Market Is Under Fresh Selling As Market Has Witnessed Gain In Open Interest By 3.26% To Settled at 91160 while prices down -23 rupee, now Rmseed is getting support at 3535 and below same could see a test of 3517 level, And resistance is now likely to be seen at 3581, a move above could see prices testing 3609.

Trading Ideas:

Rmseed trading range for the day is 3518-3610.

Mustard seed ended with losses due to strong stockiest liquidation in local mandies coupled with improvement in monsoon conditions in Northern India.

The arrivals are in the range of 60,000—80,000 bags of 85 Kg each.

NCDEX accredited warehouses mustard seed stocks dropped by 60 tonnes to 81488 tonnes.

In the Alwar spot market in Rajasthan the price gained 25.75 rupee to 3635.75 rupees per 20kgs.