Rmseed on NCDEX settled up 0.49% at 4536 on expectation of improvement in winter season demand and on supply worries following reports of lower arrivals. Support also seen as the supplies is likely to gradually diminish in the domestic market. Moreover, commencement of winter season in the upcoming 1-2 months coincides with rise in consumption of mustard oil. In Jaipur, arrivals were reported in the range of 0.80 -0.90 lakh bags. As per latest release from United States Department of Agriculture (USDA) Global oilseed production for 2016/17 is projected at 548.1 million tons, up 3.6 million from last month mainly on higher soybean production. Global oilseed production is forecast up this month, primarily on higher soybean and rapeseed output. Soybean production is projected up for the United States, Brazil, and Canada. Rapeseed crop is raised for Australia and Canada. Soybean imports are forecast higher on greater demand by Iran, Mexico, and Thailand. Exports are up on larger shipments from the United States, Canada, and Paraguay, more than offsetting the reduction in Argentina exports. Global stocks are up significantly led by Argentina, Brazil, China, and the United States. The U.S. season-average farm price is unchanged at $9.05 per bushel. Canadian canola processors are running at close to full capacity, with a near record weekly crush posted during the week. Technically market is under fresh buying as market has witnessed gain in open interest by 1.55% to settled at 54440 while prices up 22 rupee, now Rmseed is getting support at 4507 and below same could see a test of 4478 level, And resistance is now likely to be seen at 4561, a move above could see prices testing 4586.

Trading Ideas:

Rmseed trading range for the day is 4478-4586.

Mustard seed gained on expectation of improvement in winter season demand and on supply worries following reports of lower arrivals.

Support also seen as the supplies is likely to gradually diminish in the domestic market.

NCDEX accredited warehouses mustard seed stocks dropped by 723 tonnes to 11984 tonnes.

In Alwar spot market in Rajasthan the prices remains unchanged at0 rupees to end at 4694.5 rupees per 100 kg.