Mustardseed yesterday traded with the negative node and settled -0.41% down at 4120 on the heels of sluggish crushing demand by millers along with favourable weather condition in major mustard seed crop sowing states. As per market sources , most of millers have reported sluggish offtake of mustard seed due to negative parity in seed crushing along with poor demand of mustard seed oil cake in both domestic and international market. The weak stocks of mustard seed in local mandies also kept the mustard seed scarcity in local mandies. As per the latest release from Mustard Oil Processors Association (MOPA), the total arrivals of mustard seed upto August were reported at 33 lakh tonnes while crushing was at 30 lakh tonnes. The total availability of mustard after August was at 22 lakh tonnes. Moreover, heavy rainfall in the mustard seed growing states such as Rajasthan, Madhya Pradesh and Uttar Pradesh also eases the concerns of poor mustard seed crop in the coming rabi season. Most of these states have reported strong rainfall from the last 10-15 days which might benefit the mustard seed crop. In the Sri Ganganagar spot market in Rajasthan the price edged up by 72.5 rupee to 4300 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 4046 after opening at 4128, and finally settled at 4120. For today's session market is looking to take support at 4056.7, a break below could see a test of 3993.3 and where as resistance is now likely to be seen at 4172.7, a move above could see prices testing 4225.3.

Trading Ideas:

RM Seed  trading range for the day is 3993-4225.

Mustard seed ended lower on the heels of sluggish crushing demand by millers along with favourable weather condition

The total arrivals of mustard seed remained unchanged at 65000 bags in major mandies.

NCDEX accredited warehouses mustard seed stocks gained by 70 tonnes to 106160 tonnes.

In the Sri Ganganagar spot market in Rajasthan the price edged up by 72.5 rupee to 4300 rupees per 20 kgs.