Mustardseed yesterday ended flat due to lack of buying support in the physical market. Recent good rains in the Rajasthan region is believed to be the major reason behind this weakness and traders are a little bit cautious on current levels and they avoid any hasty buying. Heavy rains has ensured enough soil moisture for the coming Rabi season crop. 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. 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 5000 bags at 70000 bags in major mandies. In the Sri Ganganagar spot market in Rajasthan the price edged down by -7.5 rupee to 4312.5 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 4371 after opening at 4400, and finally settled at 4410. For today's session market is looking to take support at 4382.3, a break below could see a test of 4354.7 and where as resistance is now likely to be seen at 4426.3, a move above could see prices testing 4442.7.

Trading Ideas:

RM Seed trading range for the day is 4355-4443.

Mustard seed settled flat due to lack of buying support in the physical market.

Recent good rains in the Rajasthan region is believed to be the major reason behind this weakness

NCDEX accredited warehouses mustard seed stocks gained by 70 tonnes to 105911 tonnes.

In the Sri Ganganagar spot market in Rajasthan the price edged down by -7.5 rupee to 4312.5 rupees per 20 kgs.