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Castorseed rises as poor rainfall hits sowing

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The area under castorseed is lower in line with the general trend that is being witnessed in kharif oilseeds coverage this year.
The area under castorseed is lower in line with the general trend that is being witnessed in kharif oilseeds coverage this year.

Castorseed futures gained across contracts by over 1 per cent on the NCDEX by noon on Wednesday.

Deficient monsoon in growing areas, particularly in Gujarat, and lower sowing of the crop was pushing up prices in futures and spot markets.

According to the Agriculture Ministry, the area under castor lagged behind by at least 0.5 per cent compared with last year. Hardly one lakh hectare have been covered under the crop so far, according to reports.

The area under castorseed is lower in line with the general trend that is being witnessed in kharif oilseeds coverage this year. India is a key producer of castorseed being the largest producer and exporter of castor oil.

Castorseed for August delivery was up by 1.04 per cent on the NCDEX at Rs 4,095/quintal while September contracts increased by 1.21 per cent from Tuesday’s close to Rs 4,188. October contracts gained 1.29 per cent at Rs 4,240. In the spot market, castorseed was quoted at Rs 3,775.

(This article was published on July 25, 2012)
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