Mustard seed settled flat as good rainfall in key growing areas offset thin supplies. As per the latest release from the Solvent Extractors' Association of India, the total exports of mustard meal was reported at 2.54 lakh tonnes during the April- July 2012 against 4.94 lakh tonnes that were reported in the last year in the same period. Traders mentioned that the total stocks of around 20-21 lakh tonnes have been reported in the major producing states against the total requirement of 21-22 lakh tonnes till February month. The total arrivals of mustard seed remained unchanged at 60000 bags in major mandies. Mustard output this season has declined significantly and deficient rains in Rajasthan would not provide proper moisture for mustard sowing next season. India's vegetable oils industry has called on the government to press China to lift a ban on imports of Indian rapeseed meal, a key industry official said last week, ahead of the arrival by end-August of a delegation from Beijing. In the Sri Ganganagar spot market in Rajasthan the price edged down by -40 rupee to 4310 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 4412 after opening at 4430, and finally settled at 4429. For today's session market is looking to take support at 4411, a break below could see a test of 4393 and where as resistance is now likely to be seen at 4448, a move above could see prices testing 4467.

Trading Ideas:

RM Seed trading range for the day is 4393-4467.

Mustard seed settled flat as good rainfall in key growing areas offset thin supplies.

The total exports of mustard meal was reported at 2.54 lakh tonnes during the April- July 2012

NCDEX accredited warehouses mustard seed stocks dropped by 1146 tonnes to 106391 tonnes.

In the Sri Ganganagar spot market in Rajasthan the price edged down by -40 rupee to 4310 rupees per 20 kgs.