Rmseed settled down -0.33% at 3661 due to strong domestic production estimates in the current year along with comfortable stocks in local mandies. As per the latest release from Ministry of Agriculture, the total sowing acreage of mustard seed reported at 66.52 lakh hectares against 63.14 lakh hectares in the same time last year. This was mainly on the account of higher sowing acreage in major producing states such as Rajasthan and Gujarat. Moreover, the mustard meal has reported some weakness in the last month. According to the latest data from the Sea Of India, the total mustard meal exports during November 2013 reported at 0.27 lakh tonnes , down 50% from the last year in the same period. As per the latest release from Ministry of agriculture, the sowing acreage of mustard seed was 66.52 lakh hectares as against 63.14 lakh hectares a year ago. This was mainly on account of higher area under the crop in major producing states such as Rajasthan and Madhya Pradesh (MP). Traders mentioned that below-average temperature in some parts of Rajasthan, MP and Uttar Pradesh will encourage the sowing of mustard seed over other short duration crops like coriander and jeera. In the Alwar spot market in Rajasthan the price gained 45.1 rupee to 3751.65 rupees per 20kgs. Technically market is under long liquidation as market has witnessed drop in open interest by -0.24% to settled at 46490 while prices down -12 rupee, now Rmseed is getting support at 3645 and below same could see a test of 3630 level, And resistance is now likely to be seen at 3691, a move above could see prices testing 3722.

Trading Ideas:

Rmseed trading range for the day is 3632-3724.

Mustard seed dropped due to strong domestic production estimates in the current year along with comfortable stocks in local mandies

The total mustard meal exports during November 2013 reported at 0.27 lakh tonnes , down 50% from the last year

Technically market is under long liquidation as market has witnessed drop in open interest by -0.24% to settled at 46490

In the Alwar spot market in Rajasthan the price gained 45.1 rupee to 3751.65 rupees per 20kgs.