Rmseed settled down -0.33% at 3611 on receding oilmeal exporters' demand at higher levels.  As per the latest release Ministry of Agriculture, kharif oilseeds have been sown only on 3.8 million hectares compared with 13.6 million hectares last year. However, poor sowing of kharif oilseeds has limited the stockiest selling at current levels. The prices were also guided by strong export demand of mustard meal in local mandies. The Solvent Extractors' Association of India overall export of oilmeals during June 2014 is reported at 0.99 lakh tons compared to 0.84 lakh tons in April 2013 i.e. up 18%.The arrivals are in the range of 60,000—70,000 bags of 85 Kg each. In France, production may climb 19 percent from 2013 to 5.2 million tons as per the Agriculture Ministry. Romania’s harvest may rise to a 15-year high at 1 million tons. UK harvest may be between 2.4 million and 2.6 million tons. Global rapeseed output will drop 2.7 percent to 69.1 million tons as per USDA data. Flooding in recent weeks threatened crops in Canada, the biggest exporter and main grower of the canola variety. Rising EU production may help mitigate a potential decline in world supplies. 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. Technically market is under long liquidation as market has witnessed drop in open interest by -2.61% to settled at 79380 while prices down -12 rupee, now Rmseed is getting support at 3600 and below same could see a test of 3589 level, And resistance is now likely to be seen at 3628, a move above could see prices testing 3645.

Trading Ideas:

Rmseed trading range for the day is 3589-3645.

Mustard seed ended with losses on receding oilmeal exporters' demand at higher levels.

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.

NCDEX accredited warehouses mustard seed stocks dropped by 3008 tonnes to 67316 tonnes.

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