Rmseed settled up 1.02% at 3658 on good demand from meal exporters and crushers in northern belts. The arrivals are in the range of 60,000-80,000 bags of 85 Kg each. 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. However, the third advance production estimate from the Department of Agriculture reveals that in 2013-14, mustard seed production would drop to 78.29 lakh tonnes, down by 2.5 per cent compared with the year earlier. Mustard meal export increased 17.6% to 99,054 tons in June 2014 compared to 84,198 tons in June 2013. Production of rapeseed will increase this season from France to Romania to the U. K., pushing prices lower at the same time supplies are rising for competing crops including soybeans. Rapeseed production in the 28-country EU is forecast at 22.4 million tons, 5.6 percent more than last year, That compares with an estimate of 21.54 million tons released July 7 by the European Commission. The U. S. Department of Agriculture's forecast for the EU is 22 million tons, topping a record 21.6 million tons set in 2009. In the Alwar spot market in Rajasthan the price remains unchanged at0 rupee to 3713 rupees per 20kgs. Technically market is under fresh buying as market has witnessed gain in open interest by 3.53% to settled at 98540 while prices up 37 rupee, now Rmseed is getting support at 3622 and below same could see a test of 3589 level, And resistance is now likely to be seen at 3676, a move above could see prices testing 3697.

Trading Ideas:

Rmseed trading range for the day is 3591-3699.

Mustard seed gained on good demand from meal exporters and crushers in northern belts.

Data from SEA shows that the sowing area under mustard seed has increased to 71.38 lakh hectare for the 2013-14 crop year.

NCDEX accredited warehouses mustard seed stocks dropped by 174 tonnes to 72567 tonnes.

In the Alwar spot market in Rajasthan the price remains unchanged at0 rupee to 3713 rupees per 20kgs.