Mustardseed yesterday traded with the negative node and settled -3.28% down at 3948 due to of favorable sowing conditions for mustard seed crop for the coming season along with steady arrivals in major mandies. Sources mentioned that the total sowing acreage of mustard seed is likely to reach 65-67 lakh hectares in the coming year , up almost 10-12% from the last year due to better soil moisture level in major producing states along with remunerative prices across all the mandies. Therefore, better crop prospects incited the strong stockiest liquidation at elevated levels. Traders also stated that the total daily arrivals of mustard seed remained steady in the last trading at around 60-70 thousand bags. The total arrivals of mustard seed remained unchanged at 68000 bags in major mandies. Continuous rains are seen in MP and Rajasthan region which may result in to delay in soybean crushing during October which will directly lead to less domestic oil availability in the festive season of Diwali. In the Sri Ganganagar spot market in Rajasthan the price edged down by -50 rupee to 4100 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 3923 after opening at 4055, and finally settled at 3948. For today's session market is looking to take support at 3895.7, a break below could see a test of 3843.3 and where as resistance is now likely to be seen at 4027.7, a move above could see prices testing 4107.3.

Trading Ideas:

RM Seed trading range for the day is 3843-4107.

Mustard seed ended lower due to of favorable sowing conditions for mustard seed crop for the coming season

The total sowing acreage of mustard seed is likely to reach 65-67 lakh hectares in the coming year

NCDEX accredited warehouses mustard seed stocks dropped by 3032 tonnes to 86830 tonnes.

In the Sri Ganganagar spot market in Rajasthan the price edged down by -50 rupee to 4100 rupees per 20 kgs.