Mustardseed yesterday traded with the positive node and settled 4.02% up at 3776 on worries about a production shortfall after area under the oilseed fell. Rapeseed acreage is down. Weather is not favourable. The market is worried over the production. Indian farmers have sown rapeseed on 6.383 million hectares as on Dec. 23, down from 6.775 million hectares a year ago, data from the farm ministry showed. The total arrivals of mustard seed increased by 1000 bags at 71000 bags in major mandies. Rapeseed production in India, the world’s second-largest importer of cooking oils, may decline this year as winter rains elude the nation’s biggest growing region, hampering crop sowing. In the Alwar spot market in Rajasthan the price edged up by 21.9 rupee to 3616.45 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 3650 after opening at 3650, and finally settled at 3776. For today's session market is looking to take support at 3692, a break below could see a test of 3608 and where as resistance is now likely to be seen at 3818, a move above could see prices testing 3860.

Trading Ideas:

Mustard Seed trading range is 3683-3853.

Mustardseed ended with gains on worries about a production shortfall after area under the oilseed fell

Indian farmers have sown rapeseed on 6.383 million hectares down from 6.775 million hectares

NCDEX accredited warehouses mustard seed stocks dropped by 1062 tonnes to 29673 tonnes.

In the Alwar spot market in Rajasthan the price edged down by 0 rupee to 0 rupees per 20 kgs.