Mustard settled down -0.92% at 3566 due to strong kharif oilseeds sowing progress along with weak demand of mustard meal by exporters in local mandies. Market sources suggested that steady sowing progress of major kharif oilseeds prompted strong selling in the mustard seed market. The latest data received from Ministry of Agriculture stated that the overall sowing acreage of Kharif oilseeds as on now was reported at 188 lakh hectares, up 6.21% from the last year in the same time. The prices were also daunted by sluggish demand of mustard meal by exporters. Traders stated that anticipation of further decline in mustard seed prices due to strong kharif oilseeds in the coming days resulted to poor demand of mustard meal in local mandies. Market sources indicated that around 50% of the last year's crop is still available in the market. This prompted strong selling by stockiest at every rise in futures market. The mustard seed futures swelled by almost 10% in the last one week due to sharp rise in other oilseeds like soyabean and castor seed. As per the latest data compiled by the Ministry of Agriculture stated that the total sowing acreage of oilseeds reported at 186.60 lakh hectares, up 15.17% from the last year in the same year. This was mainly due to the strong acreage of soybeans and Groundnut in the current year. Technically market is under fresh selling as market has witnessed gain in open interest by 3.76% to settled at 43900 while prices down -33 rupee, now Mustard is getting support at 3551 and below same could see a test of 3535 level, And resistance is now likely to be seen at 3593, a move above could see prices testing 3619.

Trading Ideas:

Rmseed trading range for the day is 1191-1191.

Mustard seed ended with losses due to strong kharif oilseeds sowing progress along with weak demand of mustard meal

Market sources suggested that steady sowing progress of major kharif oilseeds prompted strong selling in the mustard seed market

NCDEX accredited warehouses mustard seed stocks dropped by 1508 tonnes to 45881 tonnes.