Mustardseed yesterday traded with the positive node and settled 0.03% up at 2962 the line with other oilseed during second half of the trading day. Earlier, the USDA report proved bullish for oilseeds market for short term. A report released by International Grain Council mention that reduced rapeseed supply due to bad weather will increase the EU's soymeal imports to a four-year high of 23.6 million tons in 2011-12, up 4.0 lakh tons from year earlier. EU's rapeseed output is forecast to fall 9% to a four-year low of 18.5 million tons. EU's rapeseed imports may rise 20% to 3.0 million tons. Even though global plantings of rapeseed are projected 6% higher on year in 2011-12 production will be almost unchanged at 59.2 million tons. Canada will maintain its position as the largest exporter with expected shipments of around 7.0 million tons.On Friday market is likely to trade down. In the Alwar spot market in Rajasthan the price edged down by -6.45 rupee to 3016.45 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 2952 after opening at 2965, and finally settled at 2962. For today's session market is looking to take support at 2953.3, a break below could see a test of 2944.7 and where as resistance is now likely to be seen at 2969.3, a move above could see prices testing 2976.7.

Trading Ideas:

Mustard Seed trading range is 2944.7-2976.7.

Mustardseed settled flat in the line with other oilseed during second half of the trading day

IGC mention that reduced rapeseed supply due to bad weather will increase the EU's soymeal imports

EU's rapeseed output is forecast to fall 9% to a four-year low of 18.5 million tons

In the Alwar spot market in Rajasthan the price edged down by -6.45 rupee to 3016.45 rupees per 20 kgs.