Mustard seed yesterday traded with the negative node and settled -0.43% down at 3954 due to profit booking though downside was limited on the back of rising demand from the physical markets. However, total daily arrivals were still reported at lower side in the range of 1.85-2 lakh bags due to weak production estimates in the current year. Some of the traders are still believe that Indian mustard seed production is likely to be much lower at 52 lakh tonnes against 68 lakh tonnes that were reported by SEA of India. Sluggish export demand also added some in mustard seed market. As per the latest release from The Solvent Extractors' Association of India , the total exports of mustard meal is at 43223 tonnes in April 2012 against 1.42 lakh tonnes that were reported in the last year in the same period. This is mainly due to waning export demand from Vietnam and Japan. The total arrivals of mustard seed decreased by 15,000 bags at 1.55 lakh bags in major mandies. In the Sri Ganganagar spot market in Rajasthan the price edged up by 45 rupee to 3882.5 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 3951 after opening at 3987, and finally settled at 3954. For today's session market is looking to take support at 3930, a break below could see a test of 3906 and where as resistance is now likely to be seen at
3999, a move above could see prices testing 4044.

Trading Ideas:

RM Seed trading range for the day is 3906-4044.

Mustard seed dropped due to profit booking though downside was limited on the back of rising demand

The total arrivals of mustard seed decreased by 15,000 bags at 1.55 lakh bags in major mandies

NCDEX accredited warehouses mustard seed stocks gained by 1283 tonnes to 104146 tonnes.

In the Alwar spot market in Rajasthan the price edged up by 45 rupee to 3882.5 rupees per 20 kgs.