Rmseed settled flat tracking weakness in spot demand amid profit booking after prices gained on some steady buying queries from stockists. Mustard meal export increased 114.26% to 87,637 tn in July ’14 compared to 40,902 tn in July ’13. Sowing of mustard seed in 2013-14 stood at 7.13 mn ha as against 6.73 mn ha last year. Agriculture ministry in its 3rd advance estimates has pegged 2013-14 mustard output at 7.8mn tn, down 2.9% compared to 8.03 mn tn in 2012-13. Rapeseed meal exports jumped to 87,637 tons in July compared to 40,902 tons for the same period a year ago data by Solvent Extractors Association (SEA) of India showed. The demand for meal from exporters amid poor carry over stocks will pull up the markets in the coming weeks. The arrivals remained in the range of 55,000 – 65,000 bags of 85Kg each. Romania’s rape seed crop this year is the best in the last 34 years. The production reached 1.1 million tons, almost double compared to last year. The previous record was in 2010, when production totaled 943,000 tons. In 2013, the rape seed production was 647,811 tons. The record production was due to larger surfaces cultivated with rape seed, 423,000 hectares compared to 284,000 hectares in 2013, but also due to higher productions per hectare, 2.6 tons this year, compared to 2.2 tons in 2013. In the Alwar spot market in Rajasthan the price gained 25.75 rupee to 3738.75 rupees per 20kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -15.53% to settled at 40950, now Rmseed is getting support at 3551 and below same could see a test of 3532 level, And resistance is now likely to be seen at 3588, a move above could see prices testing 3606.

Trading Ideas:

Rmseed trading range for the day is 3532-3606.

Mustard seed ended with losses tracking weakness in spot demand amid profit booking after prices gained on some steady buying queries.

Mustard meal export increased 114.26% to 87,637 tn in July ’14 compared to 40,902 tn in July ’13.

NCDEX accredited warehouses mustard seed stocks dropped by 3334 tonnes to 33124 tonnes.

In the Alwar spot market in Rajasthan the price gained 25.75 rupee to 3738.75 rupees per 20kgs.