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Mustardseed yesterday traded with the negative node and settled -1.34% down at 3910 on concerns top producer Rajasthan state may impose stock limits for traders. Till date, supply-demand fundamentals have remained in favor of bulls due to less production and aggressive buying by the stockiest. 

As per COOIT, the country's rapeseed output is estimated to drop by 12.6 percent to 6.03 million tonnes in the year to June 2012. The overall rabi (November-March) oilseed crop for 2011-12 is estimated to fall to 8.79 million tonnes from 9.87 million tonnes last year, with a drop in sown area from 9.72 million hectares last year to 9.07 million ha this time. 

Further the export and domestic prices of Mustard DOC and soy DOC have seen significant increment due to good demand. However, worried over the very high prices of oilseeds complex, the Exchange has taken various steps to reduce the excessive speculative activities. The total arrivals of mustard seed decreased by 10,000 bags at 1.85 lakh bags in major mandies. 

In the Sri Ganganagar spot market in Rajasthan the price edged down by -50 rupee to 3850 rupees per 20 kgs. In yesterday's trading session Mustardseed has touched the low of 3908 after opening at 3955, and finally settled at 3910. For today's session market is looking to take support at 3887.3, a break below could see a test of 3864.7 and where as resistance is now likely to be seen at 3953.3, a move above could see prices testing 3996.7.

Trading Ideas fo mcx tips free :

RM Seed  trading range for the day is 3865-3997.

Mustard seed declined on concerns top producer Rajasthan state may impose stock limits for traders

Country's rapeseed output is estimated to drop by 12.6% to 6.03 mln tns in year to June 2012

NCDEX accredited warehouses mustard seed stocks gained by 1362 tonnes to 90843 tonnes.

In the Alwar spot market in Rajasthan the price edged down by -50 rupee to 3850 rupees per 20 kgs.

Wheat yesterday traded with the negative node and settled -2.32% down at 1180 due to fresh arrivals from the producing areas amid poor domestic demand. As per official sources, India's wheat and rice harvest will likely rise to a record 252.56 million metric tonnes, up 3.2% from the record 244.78 million tonnes a year ago and also above its previous estimate of 250.46 million tonnes. 

Wheat procurement has crossed 5.5 million tonnes in the 2012-13 rabi marketing season as arrivals have picked up in key producing states of Haryana and Punjab. So far, the Government agencies have procured 5.57 mt against 4.68 mt in the corresponding period last year. The increase is about 19 per cent or 8.92 lakh tonne more than corresponding last year. 

As per latest release from Food and Supplies department of Haryana, the state has procured about 38 lakh tonnes of wheat till 22nd April, out of which over 37.99 lakh tonnes has been procured by six government procuring agencies and remaining 355 tonnes by the traders. 

The Food and Supplies department mentioned that over 11.02 lakh tonnes of wheat had been purchased by the department and over 11.99 lakh tonnes by HAFED. In Delhi wheat prices dropped -4.95 rupee to end at 1251.95 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1175 after opening at 1206, and finally settled at 1180. For today's session market is looking to take support at 1168, a break below could see a test of 1156 and where as resistance is now likely to be seen at 1199, a move above could see prices testing 1218.

Trading tips free trial for wheat :

Wheat  trading range for the day is 1156-1218.

Wheat ended lower due to strong production estimates likely in the current year.

Total production of wheat is likely to 90.83 mln tns in current year due to favourable weather condition

The Food and Supplies department mentioned that over 11.02 lakh tonnes of wheat had been purchased by the department

In Delhi wheat prices dropped -4.95 rupee to end at 1251.95 rupees per 10 kg.

Regards,

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