Mustard Seed settled down by -0.65% at 4131 tracking weakness in spot demand. Prices of the seeds were under pressure on subdued export demand for the rape seed meal. Demand for the rm seed were also down on availability of other oil complexes at cheaper rate. Rapeseed meal exports from India slipped 90.13% on year to 8,645 tons in July on weak demand from South Korea, Iran and Thailand. Rapeseed meal exports from India dropped 43.32% on year to 56,139 tons in June on weak demand from South Korea, Iran and Thailand, data released from Solvent Extractors Association of India (SEA) showed. At Jaipur market sources reported arrivals at 35000 Bags, unchanged as compared to previous day’s arrival. According to latest USDA report, global rapeseed production is forecast to decline 4.5 million tons in 2015/16 to 67.2 million tons compared to last year on lower crop estimates from EU, China, Russia and Canada. In Canada, canola production estimate at a three-year low of 14.3m tonnes, down 1.26m tonnes year on year due to dry conditions. Earlier, European Commission reduced its estimate by 12 % to 21.4 mt for the EU rapeseed crop compared to its estimate of 24.3 mt last year. In the Alwar spot market in Rajasthan the price remains unchanged at0 rupee to 4273.65 rupees per 100kgs.Technically market is under fresh selling as market has witnessed gain in open interest by 1.38% to settled at 55110 while prices down -27 rupee, now Rmseed is getting support at 4102 and below same could see a test of 4074 level, And resistance is now likely to be seen at 4157, a move above could see prices testing 4184.

Trading Ideas:

Rmseed trading range for the day is 4074-4184.

Mustard seed ended with losses tracking weakness in spot demand.

India Jul mustard meal exports at 8,645 tons vs 87,637 tons in Jul 2014: SEA of India

NCDEX accredited warehouses mustard seed stocks dropped by 532 tonnes to 66185 tonnes.

In the Alwar spot market in Rajasthan the price remains unchanged at0 rupee to 4273.65 rupees per 100kgs.