Rmseed settled down -0.66% at 3610 on expectations of a bumper crop due to conducive weather. Indian farmers cultivated rapeseed on 6.65 million hectares compared with 6.36 million hectares a year earlier. As per the latest release from Ministry of Agriculture, the total sowing acreage of mustard seed as on 12th December, 2013 reported at 66.52 lakh hectares against 63.14 lakh hectares in the same time last year.

This was mainly on the account of higher sowing acreage in major producing states such as Rajasthan and Gujarat. Moreover, the mustard meal has reported some weakness in the last month. According to the latest data from the Sea Of India, the total mustard meal exports during November 2013 reported at 0.27 lakh tonnes , down 50% from the last year in the same period. As per the latest release from Mustard seed Promotion Council (MPC), the total production of mustard seed in the current year is likely to reach 74-75 lakh tonnes against 68 lakh tonnes of the last year.

The council stated that favourable crop conditions in Rajasthan, Haryana and Punjab will encourage oilseed productivity levels in the current year. The spot and futures prices were also dampened by comfortable stocks in local mandies. Sources estimated that around 15-16 lakh tonnes of carryover stocks have been reported in major mandies. These stocks can easily meet the mustard seed demand for the coming three months ie, 12 lakh tonnes.

Technically market is under long liquidation as market has witnessed drop in open interest by -0.64% to settled at 46510 while prices down -24 rupee, now Rmseed is getting support at 3590 and below same could see a test of 3571 level, And resistance is now likely to be seen at 3639, a move above could see prices testing 3669.

RMSEED

Rmseed trading range for the day is 3570-3668.

Mustard seed ended with losses on expectations of a bumper crop due to conducive weather.

Indian farmers cultivated rapeseed on 6.65 million hectares compared with 6.36 million hectares.

Technically market is under long liquidation as market has witnessed drop in open interest by -0.64% to settled at 46510

In the Alwar spot market in Rajasthan the price remains unchanged at0 rupee to 3661.5 rupees per 20kgs.

SELL RMSEED JAN @ 3640 SL 3680 TGT 3590-3550.NCDEX