Mustardseed yesterday traded with the negative node and settled -0.16% down at 3835 on some profit booking after prices gained amid falling arrivals from the producing regions. India's rapeseed output is estimated to drop 12.6 percent to 6.03 million tonnes in the year to June 2012, a trade body said on March 18. 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. But a lot will depend upon the monsoon progresses in India. Because it is one of the most important factors which will determine the India's Kharif oilseeds production. Thus long term traders will have to wait for just 10 days to rightly judge the monsoon progress and then bet on the long term outlook. In Indian market, volatility will continue to remain there and prices are expected to move in both direction in short term. Initially upward movement might be seen but by the end of the day market may again witness weakness due to profit booking. In the Sri Ganganagar spot market in Rajasthan the price edged up by 25 rupee to 3700 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 3825 after opening at 3830, and finally settled at 3835. For today's session market is looking to take support at 3812.7, a break below could see a test of
3790.3 and where as resistance is now likely to be seen at 3869.7, a move above could see prices testing 3904.3.

Trading Ideas:

RM Seed trading range for the day is 3790-3904.

Mustard seed ended with gains tracking firm spot demand amid falling arrivals from the producing regions.

India's rapeseed output is estimated to drop 12.6 percent to 6.03 million tonnes in the year to June 2012

NCDEX accredited warehouses mustard seed stocks gained by 141 tonnes to 130872 tonnes.

In the Alwar spot market in Rajasthan the price edged up by 25 rupee to 3700 rupees per 20 kgs.