MUMBAI (Commodity Online): Castor seed futures in NCDEX declined Friday on selling pressure on the back of higher production concerns along with weak export demand.

In NCDEX Castor seed October contract traded in the evening session at Rs.3506 per quintal, a decline of 3.99% and open interest of the contract stood at 64610 lots.

Export of Castor oil reached 30,963 MT for the month of August 2012, against the export of 35,130 MT for the month of July 2012.

A total area of 8.50 lakh hectares is under Castor seed crop this year against 11.13 lakh hectares in the previous year as on 13th September.