Castor seed price is low due to heavy supply in key growing areas across the country also added the bearishness to the market. As per recent crop estimation, India is likely to grow around 14.20 lakh MT of castor seed for the year 2016- 17. This production is 6.1 lakh MT higher against last estimation and 7,000 MT higher compared to last year 2015- 16.
It may prompt futures prices to trade at lower level. However, price recovery may witness due to reduction in castor seed acreages which may create positivity to the market. Castor trade ended the day at Rs. 3976 per quintal which is approx 0.48% low against its previous close.
Sold NCDEX Castor Seed Future during today’s trading session.