Mustardseed yesterday traded with the negative node and settled -0.86% down at 2896 witnessing weakness due to start of selling pressure in the line with soybean market. China’s rapeseed crop may be below 10 million metric tons, much lower than a government estimate. The total arrivals of mustard seed decreased by 7000 bags to 64000 bags in major mandies. In the Alwar spot market in Rajasthan the price edged down by -15.45 rupee to 2948.25 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 2887 after opening at 2915, and finally settled at 2896. For today's session market is looking to take support at 2882.7, a break below could see a test of 2869.3 and where as resistance is now likely to be seen at 2913.7, a move above could see prices testing 2931.3.

Trading Ideas:

Mustard Seed trading range is 2869.3-2931.3.

Mustardseed dropped witnessing weakness due to start of selling pressure in the line with soybean market

China’s rapeseed crop may be below 10 million metric tons, much lower than a government estimate

NCDEX accredited warehouses mustard seed stocks dropped by 31 tonnes to 185401 tonnes.

In the Alwar spot market in Rajasthan the price edged down by -15.45 rupee to 2948.25 rupees per 20 kgs.