Rmseed settled down -0.22% at 3586 extended losses with prices falling by another Rs 32 to Rs 3,499 per quintal in futures trade today as speculators engaged in reducing positions, tracking a weak trend in spot markets due to subdued demand. Pressure mounted in International market too as 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. Global production of rapeseed and canola will decline to 68.7 million tons from 69.7 million tons as. The harvest in Canada, the top exporter is expected to decrease 20 percent from the prior year to 14.4 million tons. EU output will reach a record 23.54 million tons from 21.25 million tons a year earlier amid increasing harvests in Germany, France, Poland and the U. K. Rapeseed prices in EU dropped due to spillover weakness from soybeans.

Meanwhile total arrivals are at 55000 Bags, unchanged as compared to previous day's arrival. Mustard Condition at Alwar market is offered at Rs. 3525-3550 per quintal, unchanged against previous close. Total arrivals are at 4000 Bags, up by 1000 Bags as compared to previous day. Mustard Non Condition at Sri Ganganagar market is quoted strong at Rs. 3270-3280 per quintal, higher by 0.61 per cent as against previous day. Arrivals were reported at 500 Bags, unchanged as compared to previous day's arrival. Technically market is under fresh selling and getting support at 3569 and below same could see a test of 3551 level, And resistance is now likely to be seen at 3605, a move above could see prices testing 3623.

Trading Ideas:

Rmseed trading range for the day is 3548-3620.

Rmseed extended losses as speculators engaged in reducing positions, tracking a weak trend in spot markets due to subdued demand.

Global production of rapeseed and canola will decline to 68.7 million tons from 69.7 million tons.

EU output will reach a record 23.54mtns from 21.25mtns a year earlier amid increasing harvests in Germany, France, Poland and the U. K.

In the Alwar spot market in Rajasthan the price dropped -28.35 rupee to 3671.8 rupees per 20kgs.