Seed Closed Lower

Seed closed lower on Wednesday on subdued demand and improved sowing progress in the country coupled higher veg oil imports. NCDEX Jan ’16 futures closed 0.61 per cent lower at Rs. 4,579 per quintal. Moreover, lower demand for meal export and favorable crop condition in mustard producing States further pressurizing the price.

Area coverage of RM seed this year is lower by 4.93 lakh ha compared to corresponding period of Rabi 2014-15 as per latest SEA circular. Until, 10 Dec, 57.28 lh area is sown compared to 62.2 lh last year same time. In Rajasthan, 23.61 lh has been sown as on Dec 14, compared to 24.34 lh sown last year same time. On the export front, the shipment of rapeseed meal exports plunge y/y by more than 61.4 per cent until November to 2.95 lt .

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