Mustard Seed on NCDEX settled down by -0.16% at 4489 tracking weakness in spot demand amid ood progress of mustard sowing in Rajasthan. The rabi sowing in the largest mustard producing state, Rajasthan has started. According to government data, Rajasthan has sown 13.7 lakh hectares as on 24th Oct 2016, up by 191.5% higher compared to last year acreage. As per agriculture ministry data, all-India acreage of mustard in the ongoing rabi season was nearly 1.9 mln ha as of Thursday, up 175.2% from a year ago. The country's production of rapeseed is expected to increase by 12.5% to 6.3 mt from a year earlier. All-India acreage of mustard in the ongoing rabi season was nearly 1.9 mln ha as of Thursday, up 175.2% from a year ago, data released by the agriculture ministry showed. The acreage is sharply higher this year because of better monsoon rains, traders said. In Rajasthan--the largest mustard producing state--the crop has been sown across 1.4 mln ha, almost a threefold increase from 473,800 ha sown a year ago, the data showed. The area under mustard was also three times higher in Uttar Pradesh at 350,000 ha. In Madhya Pradesh, the oilseed has been sown over 58,000 ha, up 76% from 33,000 ha sown a year ago. Mustard accounts for a bulk of overall output of oilseeds grown during the rabi season, which starts in October. At Jaipur market, sources reported arrivals at 3000 Bags, higher by 1000 Bags as against previous day. In Alwar spot market in Rajasthan the prices remains unchanged at0 rupees to end at 4668.75 rupees per 100 kg.Technically now Rmseed is getting support at 4468 and below same could see a test of 4446 level, And resistance is now likely to be seen at 4505, a move above could see prices testing 4520.

Trading Ideas:

Rmseed trading range for the day is 4446-4520.

Mustard seed ended with losses tracking weakness in spot demand amid ood progress of mustard sowing in Rajasthan.

As per agriculture ministry data, all-India acreage of mustard in the ongoing rabi season was nearly 1.9 mln ha, up 175.2% from a year ago.

NCDEX accredited warehouses mustard seed stocks dropped by 323 tonnes to 6943 tonnes.

In Alwar spot market in Rajasthan the prices remains unchanged at0 rupees to end at 4668.75 rupees per 100 kg.