NCDEX May Mustard Seed futures traded higher on back of the lower production estimates of domestic mustard seed.
Gains in edible oil and other oilseeds also added bullish market sentiments. As per COOIT, the country's rapeseed output is estimated to drop by 12.6 percent to 6.03 million tonnes in the year to June 2012.
The overall rabi (November-March) oilseed crop for 2011-12 is estimated to fall to 8.79 million tonnes from 9.87 million tonnes last year, with a drop in sown area from 9.72 million hectares last year to 9.07 million ha this time.
RM Seed meal shipments during the finance year 2011-12 (April-March) were 1,171,895 tonnes (value Rs. 1028.30 cr), up by 25 per cent from 9,36,238 tonnes (value Rs. 972.73 cr) a year ago. Average RM Seed meal price of March was US$ 200/tonnes FOB at domestic ports (1$=50.36).
As per the NCDEX circular dated 4th April, total position limits of Mustard Seed on all contracts for members will be revised to 75,000 tonnes from the current 1.25 lakh tonnes and for the clients to 15,000 tonnes from the current 25,000 tonnes, while for the near month contracts, position limits for members will be revised to 21,000 tonnes from the current 35,000 tonnes and for clients it will be 4,200 tonnes from the current 7,000 tonnes wef 10th April, 2012.
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NCDEX RM Seed Trades Higher On Lower Production Concerns: April 10, 2012
Published 04/10/2012, 03:06 AM
Updated 05/14/2017, 06:45 AM
NCDEX RM Seed Trades Higher On Lower Production Concerns: April 10, 2012
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