Mustard Seed on NCDEX settled down by -1.39% at 3820 on weak demand and on higher supply. Prices of the rm seed will be down after government reported robust sowing data for the week ended to Jan 27. According to Agriculture Ministry's data Indian farmers have planted mustard seed on 7.05 million hectare area, up 9.30%. In the same period a year ago sowing was 6.45 million hectare, data showed. After a drop in output over the past two years, production of mustard is seen rebounding this year on the back of higher rabi acreage. Trade sources estimate the crop to be between 6.5 and 7 million tonnes, mainly on account of the higher acreage and prevailing weather conditions in the major producing States of Rajasthan and Madhya Pradesh. 

Technically market is under fresh selling as market has witnessed gain in open interest by 6.49% to settled at 35450 while prices down -54 rupees, now Rmseed is getting support at 3801 and below same could see a test of 3783 level, And resistance is now likely to be seen at 3851, a move above could see prices testing 3883.      

                   Trading Ideas

1. Rmseed trading range for the day is 3783-3883. 

2. Mustard seed prices ended with losses on weak demand and on higher supply. 

3. According to Agriculture Ministry's data Indian farmers have planted mustard seed on 7.05 million hectare area, up 9.30%.

4. NCDEX accredited warehouses mustard seed stocks dropped by 373 tonnes to 527 tonnes. In Alwar spot market in Rajasthan the prices dropped -51.5 Rupees to end at 4128 Rupees per 100 kg.