Rmseed settled up 0.47% at 3600 as prices seen supported due to limited supplies and good demand from meal suppliers. At Jaipur market sources reported arrivals at 50000 Bags, down by 5000 Bags as compared to previous day. As per Solvent Extractors’ Association of India (SEA) data bank, the imports of Rape oil are steadily on the rise and have significantly increased by more than 11 times from 7,943 MT to 103,003 MT. Though oilmeal exports dipped for the third consecutive month due to rise in soybean prices, but the rapeseed meal has increased 53 per cent to 408,410 tonnes from 267,461 tonnes in last four months. Mustard meal export increased 114.26% to 87,637 tn compared to 40,902 tn last year. Sowing of mustard seed in 2013-14 stood at 7.13 mn ha as against 6.73 mn ha last year. Agriculture ministry in its 3rd advance estimates has pegged 2013-14 mustard output at 7.8mn tn, down 2.9% compared to 8.03 mn tn in 2012-13. On the domestic front, data from the Solvent Extractors’ Association of India shows that the sowing area under mustard seed has increased to 71.38 lakh hectare for the 2013-14 crop year (October to September), up 5.8 per cent from the previous year.. In the Alwar spot market in Rajasthan the price gained 19.3 rupee to 3661.5 rupees per 20kgs. Technically market is under short covering as market has witnessed drop in open interest by -0.77% to settled at 41040 while prices up 17 rupee, now Rmseed is getting support at 3573 and below same could see a test of 3547 level, And resistance is now likely to be seen at 3616, a move above could see prices testing 3633.

Trading Ideas:

Rmseed trading range for the day is 3547-3633.

Rmseed settled up as prices seen supported due to limited supplies and good demand from meal suppliers.

Sowing of mustard seed in 2013-14 stood at 7.13 mn ha as against 6.73 mn ha last year.

NCDEX accredited warehouses mustard seed stocks dropped by 572 tonnes to 21692 tonnes.

In the Alwar spot market in Rajasthan the price gained 19.3 rupee to 3661.5 rupees per 20kgs.