Mustardseed yesterday traded with the positive node and settled 0.17% up at 3513 recovering from lows on short covering after prices dropped as arrivals in physical markets are gradually improving. The Industry estimated 71.5 lakh tons of Mustard seed production this year. This will put pressure on the prices in near future. The industry has estimated 71.5 lakh tons of mustard seed production this year by India. The DOC demand has marginally improved in the market. India is the fourth largest producer of mustard seed with a market share of around 12%. Rajasthan, Uttar Pradesh, Haryana, Gujarat and Madhya Pradesh are the major mustard seed-producing states. As per latest crop estimates by Solvent Extractors Association of India (SEA), the overall mustard seed crop is estimated to increase by almost 18% from the last year to 71.12 lakh tonnes in the current year due to strong production estimates in Rajasthan and Haryana. As per latest crop estimates by Solvent Extractors Association of India (SEA), the overall mustard seed crop is estimated to increase by almost 18% from the last year to 71.12 lakh tonnes in the current year due to strong production estimates in Rajasthan and Haryana. In the Alwar spot market in Rajasthan the price edged down by -2.6 rupee to 3455.5 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 3491 after opening at 3501, and finally settled at 3513. For today's session market is looking to take support at 3497.3, a break below could see a test of 3481.7 and where as resistance is now likely to be seen at 3522.3, a move above could see prices testing 3531.7.

Trading Ideas:

RM Seed trading range for the day is 3482-3532.

Mustardseed gained recovering from lows on short covering after prices dropped as arrivals in physical markets are gradually improving

The industry has estimated 71.5 lakh tons of mustard seed production this year by India.

NCDEX accredited warehouses mustard seed stocks gained by 2352 tonnes to 64393 tonnes.

In the Alwar spot market in Rajasthan the price edged down by -2.6 rupee to 3455.5 rupees per 20 kgs.