Mustardseed yesterday traded with the negative node and settled -0.96% down at 3516 as better production prospects due to conducive weather. Cold wave is prevailing in the majority of the RMseed growing areas which is good for the standing crop. However there is threat of some damage to the crop due to frost in many areas. The sown area under RMseed is 66.1 lakh ha as against 64.3 lakh ha during same period last year. Prevailing conducive weather may boost production prospects this year. The country may expect to produce around 65 lakh tons RMseed during 2013-14. However some rains are needed at this point of time for vigorous growth of the crop. Mustard seed production in India likely to increase on increased acreage to 52.24 lakh ha against 50.68 lakh ha. The global mustard seed production has grown at 4.08% CAGR in the past two decades and is currently 60.55 mn ton (2011-12). The global consumption of mustard seed has grown at 4.13% CAGR in the past two decades and is currently 63.37 mn ton (2011-12). In the Sri Ganganagar spot market in Rajasthan the price edged up by 10 rupee to 4250 rupees per 20 kgs. In yesterday's trading session Mustard seed has touched the low of 3509 after opening at 3552, and finally settled at 3516. For today's session market is looking to take support at 3495.7, a break below could see a test of 3475.3 and where as resistance is now likely to be seen at 3549.7, a move above could see prices testing 3583.3.

RMSEED

RM Seed trading range for the day is 3475-3583.

Mustard seed ended lower as better production prospects due to conducive weather. Cold

Cold wave is prevailing in the majority of the RMseed growing areas which is good for the standing crop.

NCDEX accredited warehouses mustard seed stocks gained by 529 tonnes to 13146 tonnes.

In the Sri Ganganagar spot market in Rajasthan the price edged up by 10 rupee to 4250 rupees per 20 kgs.

SELL RMSEED APR @ 3530 SL 3560 TGT 3502-3480.NCDEX