Rmseed settled up 0.93% at 3587 on steady buying queries from stockists. The demand for meal from exporters amid poor carry over stocks will pull up the markets in the coming weeks.  However, the supplies are limited and slight demand for meal from exporters will pull up the markets in the coming weeks. The arrivals remained in the range of 55,000 – 65,000 bags of 85Kg each. As per Solvent Extractors’ Association of India (SEA) data bank, the imports of Rape oil are steadily on the rise and have significantly increased by more than 11 times from 7,943 MT to 103,003 MT. Though oilmeal exports dipped for the third consecutive month due to rise in soybean prices, but the rapeseed meal has increased 53 per cent to 408,410 tonnes from 267,461 tonnes in last four months. 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. Romania’s rape seed crop this year is the best in the last 34 years. The previous record was in 2010, when production totaled 943,000 tons. In 2013, the rape seed production was 647,811 tons. Market is under fresh buying as market has witnessed gain in open interest by 4.17% to settled at 43510 while prices up 33 rupee, now Rmseed is getting support at 3539 and below same could see a test of 3492 level, And resistance is now likely to be seen at 3616, a move above could see prices testing 3646.

Trading Ideas:

Rmseed trading range for the day is 3493-3647.

Mustard seed ended with gains on steady buying queries from stockists.

The demand for meal from exporters amid poor carry over stocks will pull up the markets in the coming weeks.

However, the supplies are limited and slight demand for meal from exporters will pull up the markets in the coming weeks.

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