Mustardseed yesterday traded with the positive node and settled 3.45% up at 4143 due to millers demand in local mandies and weak carryover stocks. Strapping millers offtake ahead of upcoming festival demand enabled sturdy gains in both spot and futures market. Moreover, positive crushing margin from mustard seed crushing also added some gains in the domestic market. The total stocks of around 16-17 lakh tonnes have been reported in the major producing states against the total requirement of 18-19 lakh tonnes till February month. This might also create the scarcity in mustard market in the coming days. In the spot market, the total daily arrivals of mustard seed remained unchanged at 65 thousand bags in the last trading. Sources also stated that the total daily arrivals of mustard seed remained steady in the last trading at around 60-70 thousand bags. Mustard crop is also likely to be 10-15 per cent higher than last year at about 6.5 mt in this season mainly due to good rainfall and better soil condition in the producing areas. In the Sri Ganganagar spot market in Rajasthan the price edged up by 175 rupee to 4150 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 4024 after opening at 4025, and finally settled at 4143. For today's session market is looking to take support at 4060.7, a break below could see a test of 3978.3 and where as resistance is now likely to be seen at 4188.7, a move above could see prices testing 4234.3.

Trading Ideas:

RM Seed  trading range for the day is 3978-4234.

Mustardseed ended with gains due to millers demand in local mandies and weak carryover stocks

Strapping millers offtake ahead of upcoming festival demand enabled sturdy gains in both spot and futures market.

NCDEX accredited warehouses mustard seed stocks dropped by 1331 tonnes to 68936 tonnes.

In the Sri Ganganagar spot market in Rajasthan the price edged up by 175 rupee to 4150 rupees per 20 kgs.