CASTORSEED SPURTS MORE THAN 7% ON WEAK KHARIF SOWING
PROGRESS
DATE: 13/07/2012
Castor seed futures spurted by more than Rs 250 per quintal in the last
three trading days due to weak sowing progress of kharif crop so far in the
current year along with receding arrivals in major mandies.
The latest data release by Ministry of Agriculture stated that the total
sowing of kharif crop was reported at 0.70 lakh hectares as on 12th July 2012,
down 37% from the last year in the same period. This was mainly due to fragile
sowing progress in Andhra Pradesh as total sowing acreage slumped by 40% to
0.59 lakh hectares.
Moreover, receding arrivals in major producing states such as Gujarat and
Andhra Pradesh also added some gains in castor seed market. The total daily
arrivals of around 40000-42000 bags were reported in the major mandies of
Gujarat with the spot prices of around Rs 3300-3350 per quintal, up Rs 200 per
quintal in the last three trading days.
Consequently, the future prices of Castor seed NCDEX August Benchmark
contract spurted by 250 per quintal in the last three days to trade at Rs 3660
per quintal today.
POWERED BY: COMMODITY INSIGHTS
www.goldennifty.com
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