Rmseed prices rose more than two percent after hitting seven month low in the last week due to rise in demand in oil millers and stockiest at lower price levels. However, higher arrivals and rise in acreage arrested much upside moves. Arrivals across the country were estimated at 60,000 bags yesterday, up by 10,000 bags from the previous day. Higher acreage of the oilseed due to favorable weather conditions in key growing areas may improve yield during this season.
India’s mustard acreage in the current rabi season stood at 6.82 mln ha, up 13.5% from 6.00 mln ha in the year-ago period, according to data from the agriculture ministry. Rmseed trade ended the day at Rs. 4306 per quintal which is approx 0.0% against its previous close.
#We recommend Buy Rmseed futures during today’s trading session.