Smart recovery was seen in RMseed prices on Saturday due to fresh buying on these levels. Prices have got support on lower levels in RMseed. But medium term market still seems bearish as heavy monsoon showers in the north-west India during past two weeks turned RMseed sentiments bearish as it has reduced the impact of drought in these parts. This rain would provide required moisture to the soil which is needed for early sowing of the crop.
The coming Rabi season may witness increased area under RMseed in Rajasthan and UP as due to drought parts of the cultivable land could not be brought under cultivation this year which may keep its prices under pressure in medium term. But short term sentiments depend upon the movement of the peer commodities group like soybean and soy oil. It is to be noted that next month would start witnessing arrivals keeping prices under check of Soybean. On Tuesday trading is expected to remain volatile with movement in both directions. Morning hours may witness downward movement while later on prices may get support on lower levels. A cautious trade is advised.
Courtesy: Religare Commodities
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