Castor futures are expected to trade in range bound levels for the day. Export demand is likely to decline mainly for Indian castor oil on higher prices, which may weigh down prices in castor futures. The area under the crop at 5.837 lakh hectare in Gujarat, which is surged by 4% Y/Y while acreage under castor seed went down by 6% Y/Y to 1.604 lakh hectare in Rajasthan.
During the current season, overall area under the crop is likely to decrease by 2.6%Y/Y to 8.17 lakh hectares while production is estimated to decline by 2% Y/Y, which is likely to support castor seed prices to trade higher.
Castor Seed Tips: Sold NCDEX Castor Seed for Intraday .