Mustardseed yesterday traded with the negative node and settled -0.76% down at 4441 tracking weakness in spot demand. Mustard output was lower in 2011-12 season. However, with higher returns and improved rains, next years output is expected to be better. Mustard output this season has declined significantly and deficient rains in Rajasthan would not provide proper moisture for mustard sowing next season. India's vegetable oils industry has called on the government to press China to lift a ban on imports of Indian rapeseed meal, a key industry official said last week, ahead of the arrival by end-August of a delegation from Beijing. The total arrivals of mustard seed increased by 3000 bags at 68000 bags in major mandies. The total stocks of around 20-21 lakh tonnes have been reported in the major producing states against the total requirement of 21-22 lakh tonnes till February month. This might create the scarcity in mustard market in the coming months. Moreover, the total daily arrivals of mustard seed have also been reduced to 40-45 thousand bags against 60-65 thousand bags that were reported earlier. In the Sri Ganganagar spot market in Rajasthan the price edged down by -30 rupee to 4340 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 4440 after opening at 4494, and finally settled at 4441. For today's session market is looking to take support at 4421.7, a break below could see a test of 4402.3 and where as resistance is now likely to be seen at 4478.7, a move above could see prices testing 4516.3.

Trading Ideas:

RM Seed  trading range for the day is 4402-4516.

Mustardseed yesterday traded with the negative node tracking weakness in spot demand.

The total arrivals of mustard seed increased by 3000 bags at 68000 bags in major mandies.

NCDEX accredited warehouses mustard seed stocks gained by 302 tonnes to 105789 tonnes.

In the Sri Ganganagar spot market in Rajasthan the price edged down by -30 rupee to 4340 rupees per 20 kgs.