Rapeseed prices fall further on ample stockpiles, output gain
Commodity Online | May 31 2017
UPDATED 15:05:16 IST

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Indian Rapeseed futures extended their losses on Wednesday due to low demand and ample stockpiles.

The June Rapeseed contract closed 0.7 percent lower at 3,491 Indian rupees ($53.99) per 100 kg on Tuesday at the National Commodities and Derivatives Exchange.

The country's Rapeseed production in crop year 2016/17 is estimated to jump by as much as 20% to the highest in three years at 7 million tonnes as farmers expanded the area planted with the oilseed due to ample rainfall and higher prices, the Solvent Extractors' Association (SEA) stated.

In crop year 2015/16, India produced 5.8 million tonnes of Rapeseed.

However, the higher output of Rapeseed and also summer-sown Soybeans will help India reduce its edible oil imports for the first time in six years, to 14 million tonnes in the year to October 2017, down from 14.6 million tonnes shipped a year ago, SEA noted.