Mustard Seed on NCDEX settled down by -0.48% at 4777 amid expectation of higher supply in India. However downside seen limited due to increase in MSP for mustard crop for 2016/17 season. As per agriculture ministry data, Country’s mustard acreage in the ongoing rabi season touched 61.7 lakh hectares (lh) as on Dec 02 up 13.6% from a year ago. The sowing operations were not affected much, as farmers had already bought the seeds. Rajasthan, the top mustard producing state, planted 27.3 lakh ha, up 17% from a year ago similarly acreage under mustard increase by 10% in Uttar Pradesh to 11 lh. In MP, mustard is sown in 6.35 lh, up 12% compared to last year.

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Govt increases mustard MSP by 350 rupees/100 kg to 3,700 rupees for FY16-17 which includes bonus of Rs.100 / quintals. Global oilseed production is forecast up this month, primarily on higher soybean and rapeseed output. Soybean production is projected up for the United States, Brazil, and Canada. 

  Technically market is under fresh selling as market has witnessed gain in open interest by 5.67% to settled at 38020 while prices down -23 rupee, now Rmseed is getting support at 4738 and below same could see a test of 4698 level, And resistance is now likely to be seen at 4830, a move above could see prices testing 4882.