Mustardseed yesterday traded with the negative node and settled -0.95% down at 4082 sluggish demand by millers and poor mustard meal export demand. 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. Traders mentioned that the total daily arrivals of mustard seed remained unchanged in the last trading at 40 thousand bags. While the spot prices of mustard witnessed strong selling across all the mandies to trade at around Rs 4000-4300 per quintal , down almost Rs 50-75 per quintal from the last day. 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. MOPA projected the severe shortage of mustard seed after December as total carryover stocks are likely to be vanished after December. The total arrivals of mustard seed remained unchanged at 65000 bags in major mandies. In the Sri Ganganagar spot market in Rajasthan the price edged down by -200 rupee to 4100 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 4001 after opening at 4100, and finally settled at 4082. For today's session market is looking to take support at 4018.3, a break below could see a test of 3954.7 and where as resistance is now likely to be seen at 4128.3, a move above could see prices testing 4174.7.

Trading Ideas:

RM Seed  trading range for the day is 3955-4175.

Mustard seed ended lower sluggish demand by millers and poor mustard meal export demand.

Most of millers have reported sluggish offtake of mustard seed due to negative parity in seed crushing

NCDEX accredited warehouses mustard seed stocks dropped by 1096 tonnes to 105064 tonnes.

In the Sri Ganganagar spot market in Rajasthan the price edged down by -200 rupee to 4100 rupees per 20 kgs.