Rmseed on NCDEX settled down -0.46% at 3874 on expectation of higher supply. Pressure also seen on the prices after government reported robust sowing data for the week. According to Agriculture Ministry's data Indian farmers have planted mustard seed on 7 million hectare area. After a drop in output over the past two years, production of mustard is seen rebounding this year on the back of higher rabi acreage. Trade sources estimate the crop to be between 6.5 and 7 million tonnes, mainly on account of the higher acreage and prevailing weather conditions in the major producing States of Rajasthan and Madhya Pradesh. Mustard planting is almost complete and per the latest data from the Agriculture Ministry, the rabi acreage under the oilseed has registered a 10.1 per cent increase over last year. The major increase in absolute acreage has come about in Rajasthan, where farmers have planted the oilseed on an additional 3.55 lakh ha or 14.53 per cent more compared to last year. In smaller states such as Jharkhand, the acreage has more than doubled over last year. However, in Haryana, acreage has declined by about 7.41 per cent over last year. At Kota market arrivals were reported at 1200 Bags, up by 400 Bags as compared to previous day. At Jaipur market, total arrivals are at 5000 Bags, higher by 2000 Bags as against previous day. Technically market is under fresh selling as market has witnessed gain in open interest by 11.08% to settled at 33290 while prices down -18 rupees, now Rmseed is getting support at 3852 and below same could see a test of 3830 level, And resistance is now likely to be seen at 3898, a move above could see prices testing 3922.

Trading Ideas:

Rmseed trading range for the day is 3830-3922.

Mustard seed prices ended with losses on expectation of higher supply.

Pressure also seen on the prices after government reported robust sowing data.

NCDEX accredited warehouses mustard seed stocks dropped by 541 tonnes to 900 tonnes.

In Alwar spot market in Rajasthan the prices dropped -38.65 Rupees to end at 4179.5 Rupees per 100 kg.