Mustard Seed on NCDEX settled up by 1.51% at 4712 on improved demand and on lower stockpiles of crop. Prices of rm seed will be up on higher demand for mustard oil in domestic market from the crude palm oil buyers as CPO solidified in winter season. Nearly 4.5 million ton of mustard seed crop have been arrived as on November 1, against total available crop 5.7 million tons of total production, including carry over stock from previous crop. Meanwhile, India's rabi mustard sowing until Nov 4 at 2.73 million hectares compared to 1.51 million hectares same period a year ago, government data showed. Slow progress of sowing across major producing regions and anticipated rise in consumption demand for mustard oil during upcoming winter season is likely to support the market. Meanwhile mustard seed sowing in the country as October 27, reached at 190,000 hectares, up 175.2% from a year ago, according to data released by the agriculture ministry. In Rajasthan, crop has been sown across 140,000 hectares, 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 hectares. In Madhya Pradesh, the oilseed has been sown over 58,000 ha, up 76% from 33,000 ha sown a year ago. Mustard seed arrivals in the country today totalled at 50,000 bags against 65,000 bags on previous session. In Alwar spot market in Rajasthan the prices gained 51.5 rupees to end at 4771.75 rupees per 100 kg.Technically now Rmseed is getting support at 4660 and below same could see a test of 4608 level, And resistance is now likely to be seen at 4751, a move above could see prices testing 4790.

Trading Ideas:

Rmseed trading range for the day is 4608-4790.

Mustard seed ended with gains on improved demand and on lower stockpiles of crop.

Nearly 4.5 million ton of mustard seed crop have been arrived, against total available crop 5.7 million tons of total production.

NCDEX accredited warehouses mustard seed stocks dropped by 323 tonnes to 6034 tonnes.

In Alwar spot market in Rajasthan the prices gained 51.5 rupees to end at 4771.75 rupees per 100 kg.