MUMBAI (Commodity Online): RMseed sentiments remains positive on good buying support from the physical market and bullish sentiments in the other oilseeds. Technically RMseed November month has reached overbought region and prices must see some correction.
But not much decline is expected. Physical market demand in the recent past has supported the prices. The positive international market due to rally in international crude oil prices and adverse weather in the US soybean growing areas supported the oilseeds complex sentiments.
Rabi sowing is gradually picking up and India is expecting some increment in the RMseed sown area this year. Market would keep a close eye during next one month on the sowing progress of RMseed. Increase in the area may be seen mainly in Rajasthan and UP.
Trade commodities or equities from across the globe. Join Now Till 22nd October 2009 the Rapeseed & mustard was sown on 8.63 lakh ha against 9.8 lakh ha same period last year giving bullish signal to the market. On Wednesday prices are expected to trade with positive undertone.
Courtesy: Religare Commodities
