Mustardseed yesterday traded with the positive node and settled 0.2% up at 3512 due to weak arrivals in local mandies along with strong demand of mustard oil in domestic market. As per the market data, the total arrivals of mustard seed have reduced to 2.50-2.60 lakh bags in the last week, down almost 0.50-0.60 lakh bags from the earlier . This was on the account of restricted supplies by farmers at lower levels.The market data suggested that farmers are currently having the stocks of around 41 lakh tonnes , while almost 8 lakh tonnes are lying in the miller's warehouses. Traders also suggested that t he total supply of mustard seed in the current year is expected at 67-68 lakh tonnes against the COOIT's estimate of 71 lakh tonnes . Therefore, reduction in mustard seed crop provoked the strong demand of mustard seed at lower level. Overall tendency in the oilseed complex is range-bound except some buying interests in rapeseed. According to COOIT', the total output of mustard seed in the country is seen at 71.50 lakh tonnes, up 12.70% on the year. Arrivals in physical markets are gradually improving which may further put pressure on prices in near future. The Industry estimated 71.5 lakh tons of Mustard seed production this year. This will put pressure on the prices in near future. In the Alwar spot market in Rajasthan the price edged up by 25.75 rupee to 3481.25 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 3502 after opening at 3510, and finally settled at 3512. For today's session market is looking to take support at 3500.3, a break below could see a test of 3488.7 and where as resistance is now likely to be seen at 3525.3, a move above could see prices testing 3538.7.

Trading Ideas:

RM Seed  trading range for the day is 3489-3539.

Mustard seed gains due to weak arrivals in local mandies along with strong demand of mustard oil in domestic market.

The total arrivals of mustard seed have reduced to 2.50-2.60 lakh bags in the last week

NCDEX accredited warehouses mustard seed stocks gained by 1851 tonnes to 70568 tonnes.

In the Alwar spot market in Rajasthan the price edged up by 25.75 rupee to 3481.25 rupees per 20 kgs.