Rmseed on NCDEX settled down -1.37% at 3892 tracking weakness in spot demand despite of lower stockpiles. Prices also dropped due to subdued demand from crushers as spot mustard seed prices have rallied by nearly 5% in recent times due to which crushing is in disparity of around Rs 1,041 per ton. Rmseed arrivals were low at 345,000 bags as against 450,00 bags on previous day. Also demand of mustard oil is fading at higher level as it is trading at a premium of Rs 11 per kilogram over soy oil which prompted retail consumers to switch to cheaper alternatives.

Trading Ideas: 

 * Rmseed trading range for the day is 3837-3979. 

* Mustard seed prices ended with losses tracking weakness in spot demand despite of lower stockpiles. 

* India is expected to produce around 6.5-7 mt of rape mustard seeds in 2016-17 as compared to 5.8 mt produced in 2015-16. 

* NCDEX accredited warehouses mustard seed stocks gained by 525 tonnes to 8428 tonnes. 

* In Alwar spot market in Rajasthan the prices dropped -4 Rupees to end at 3815 Rupees per 100 kg.

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