MUMBAI (Commodity Online): Recovery continues to remain there in the RMseed market on increased buying support. It indicates that some buying interest is gearing up in the domestic market on current levels. In Delhi, on 11-12 March 2010, COOIT organized a RABI SEMINAR on OILSEEDS, OILINDUSTRY AND TRADE to discuss about the production prospects and various issues relating to oil trade in Indian.

During this seminar, it was a consensus among the traders that this year’s RMseed production may remain near 63.5 lakh tons and the carry forward stock may remain somewhere b/w 8-10 lakh ton.

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Thus, total availability during the current season may remain near 73-74 lakh tons. Thus, supply situation is almost like the previous year. The important issue is that it is the soybean sentiments, which may affect the RMseed sentiments time being.

Weather this year has remained very good for crop production. Harvesting has begun in many parts of its major growing areas and fresh crop arrivals would start by this week in the physical market. In new produce, the moisture content is comparatively high and spot prices usually remain low. On Thursday, prices are expected to trade volatile with movement in both directions.

Courtesy: Religare Commodities

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