Mustardseed yesterday traded with the negative node and settled -3.59% down at 4111 tracking weak spot demand and weakness in other oilseed counters on poor subdued demand along with higher production concerns. The total stocks of around 18-20 lakh tonnes have been reported in the major producing states against the total requirement of 20-21 lakh tonnes till February month. This might also 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. Therefore, poor supplies in major mandies might encourage strong gains in futures market. 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. The total arrivals of mustard seed remained unchanged at 70000 bags in major mandies. In the Sri Ganganagar spot market in Rajasthan the price edged down by -72.5 rupee to 4227.5 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 4103 after opening at 4251, and finally settled at 4111. For today's session market is looking to take support at 4052.7, a break below could see a test of 3994.3 and where as resistance is now likely to be seen at 4219.7, a move above could see prices testing 4328.3.

Trading Ideas:

RM Seed  trading range for the day is 3994-4328.

Mustard seed ended lower tracking weak spot demand and weakness in other oilseed counters on poor subdued demand

The total stocks of around 18-20 lakh tonnes have been reported in the major producing states

NCDEX accredited warehouses mustard seed stocks gained by 101 tonnes to 106012 tonnes.

In the Sri Ganganagar spot market in Rajasthan the price edged down by -72.5 rupee to 4227.5 rupees per 20 kgs.