MUMBAI (Commodity Online):During last couple of days we have seen that prices eased due to profit booking and news of favorable weather in North India for crop growth. There is ample scope of further correction in the RMseed prices. Thus avoid any buying on current levels.
One should wait for next one-two months to make buying position if his outlook is medium to long term. Sowing is gradually picking up and as per the latest report, at all India level, the RMseed sowing up to 13 Jan has remained 64.83 LH vs 68.21 LH seen same period last year.
As per news sources, India's oilseed output this year will likely fall below the target of 33 million tons as some acreage has been shifted to pulses and wheat.
Some parts of North Indian have received rains during past one week which may prove beneficial for the crop. Many of the experts opine that crop could remain near 60 Lakh which is nearly 15 % less from the last year.
Prices in the last one month have in-creased by more than 16%. Thus to large extent market has discounted this factor.
On Thursday market is expected to trade weak in the morning hours, however by the end of the day some improvement may be seen.
Courtesy:Religare Commodities
