Mustardseed yesterday traded with the positive node and settled 0.06% up at 3512 as restricted supply and pick up in demand at physical markets supported prices. Rise in other edible oils prices and higher demand from oil mills also helped to boost the trading sentiments. 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. The total arrivals of new mustard seed were reported at 2.70 lakh bags, down 32 thousand from the last day. 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 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. 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. In the Alwar spot market in Rajasthan the price edged up by 25.75 rupee to 3507 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 3505 after opening at 3518, and finally settled at 3512. For today's session market is looking to take support at 3495, a break below could see a test of 3478 and where as resistance is now likely to be seen at 3539, a move above could see prices testing 3566.

Trading Ideas:

RM Seed  trading range for the day is 3478-3566.

Mustard seed settled firm as restricted supply and pick up in demand at physical markets supported prices.

Rise in other edible oils prices and higher demand from oil mills also helped to boost the trading sentiments.

NCDEX accredited warehouses mustard seed stocks gained by 1156 tonnes to 71724 tonnes.

In the Alwar spot market in Rajasthan the price edged up by 25.75 rupee to 3507 rupees per 20 kgs.