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Castorseed futures that rebounded at the beginning of this month turned bearish on Thursday, sliding over 2 per cent.
The oilseed for October delivery on the National Commodity and Derivatives Exchange was down to Rs 3,671 a quintal, following slack demand from shippers and millers.
Castorseed prices for the November contract slipped by 2.1 per cent to Rs 3,759 while December contracts lost 2.2 per cent at Rs 3,814 a quintal.
Improved rain in the major castorseed producing regions in Gujarat in the last 10-15 days have led to negative sentiments in the castorseed market. Most of the areas have reported steady progress in sowing of castorseed. The yield is also expected to be better.
India is the largest producer of castorseed in the world and the biggest exporter of castor oil.
Spot prices, too, were ruling low on account of sluggish offtake and higher arrivals. At Disa (Gujarat), castorseed ruled at Rs 3,833.4 a quintal.
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