MUMBAI (Commodity Online): RMseed prices remain under pressure and trade in the line with other oilseeds. Completely edible oil complex seems in the grip of bears. 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. Rabi oilseeds production is expected to improve this year. Last year RMseed production was 73.68 lakh ton as per the India government data.

Start trading in commodities from as low as $50. Join now

As per the government sources, the production of rapeseed & mustard is also expected to be higher by 0.23 million tones. However, a trade body conducted field survey to estimate the mustard crop production this year.

Their estimates show that all India production may remain near 59.20 LT. This kind of huge variation in production estimation gives a state of confusion among the trading community. Under such situation, market movement becomes more volatile. A trade body is conducting a RABI SEMINAR in Delhi on 11-12 March to discuss about the outlook of oilseeds in the coming days. It is expected that a clearer trend would emerge about the production estimates.

On Wednesday, market is expected to remain volatile and movement in both directions may be seen. A cautious trade is advised.

Courtesy: Religare Commodities

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook