Rmseed settled up 1.33% at 3494 on improved demand for mustard meal and tracking firm spot demand. Rapeseed meal exports jumped to 87,637 tons in July compared to 40,902 tons for the same period a year ago data by Solvent Extractors Association (SEA) of India showed. The arrivals remained in the range of 52,000 - 62,000 bags of 85Kg each. Mustard meal export increased 114.26% to 87,637 tn in July '14 compared to 40,902 tn in July '13. Sowing of mustard seed in 2013-14 stood at 7.13 mn ha as against 6.73 mn ha last year. Agriculture ministry in its 3rd advance estimates has pegged 2013-14 mustard output at 7.8mn tn, down 2.9% compared to 8.03 mn tn in 2012-13. Romania's rape seed crop this year is the best in the last 34 years. The production reached 1.1 million tons, almost double compared to last year. The previous record was in 2010, when production totaled 943,000 tons. In 2013, the rape seed production was 647,811 tons. The record production was due to larger surfaces cultivated with rape seed, 423,000 hectares compared to 284,000 hectares in 2013, but also due to higher productions per hectare, 2.6 tons this year, compared to 2.2 tons in 2013. The USDA monthly crop report in August forecast 2014-15 output 3.816 bn bsh against 3.8 bn bsh last year while end stocks are forecast at 430 mn bsh against 415 mn bsh forecast in July. 2013-14 end stocks are forecast at 140 mn bsh. Technically market is under short covering as market has witnessed drop in open interest by -13.69% to settled at 56860, now Rmseed is getting support at 3448 and below same could see a test of 3403 level, And resistance is now likely to be seen at 3521, a move above could see prices testing 3549.

Trading Ideas:

Rmseed trading range for the day is 3403-3549.

Mustard seed ended with gains on improved demand for mustard meal and tracking firm spot demand.

Rapeseed meal exports jumped to 87,637 tons in July compared to 40,902 tons for the same period a year ago.

NCDEX accredited warehouses mustard seed stocks dropped by 4230 tonnes to 39165 tonnes.

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