Mustardseed yesterday traded with the negative node and settled -0.67% down at 3435 tracking weakness in spot market as good monsoon reports kept overall sentiments weak. Further, weak crushing in the mills and subdued export demand of mustard meal also influenced the prices. However, the prices found some support from ongoing marriage season, which continued to push up mustard prices in mandis across Madhya Pradesh, Rajasthan and Gujarat for the second consecutive week. 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. As per market sources, restricted supplies by farmers at lower levels along with strong supplies of wheat at higher rates might have reduced the total mustard seed arrivals in all the major producing states. Moreover, strong mustard meal export demand also support the prices in the near term. The latest data compiled by the SEA of India, during April 2013 is reporting exports at 0.54 lakh tonnes compared to 0.45 lakh tonnes in April 2012 i. e. up by 20%. In the Alwar spot market in Rajasthan the price edged down by -6.45 rupee to 3455.5 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 3421 after opening at 3460, and finally settled at 3435. For today's session market is looking to take support at 3414, a break below could see a test of 3393 and where as resistance is now likely to be seen at 3463, a move above could see prices testing 3491.

Trading Ideas:

RM Seed trading range for the day is 3393-3491.

Mustard seed ended with losses tracking weakness in spot market as good monsoon reports kept overall sentiments weak.

Weak crushing in the mills and subdued export demand of mustard meal also influenced the prices.

NCDEX accredited warehouses mustard seed stocks gained by 533 tonnes to 73620 tonnes.

In the Alwar spot market in Rajasthan the price edged down by -6.45 rupee to 3455.5 rupees per 20 kgs.