Rmseed On NCDEX Settled Down -1.94% At 4608

Rmseed on NCDEX settled down -1.94% at 4608 on weak demand and on expectation of higher supply. Demand for rm seed is limited due to higher price level on account of negative crush margin. However, reports of increase in MSP and expectation of pick up demand from the oil mills as festival season may support prices in coming weeks. USDA in its report hiked global rapeseed production for 2016-17 during August month to 67.16 million tons compared to 66.54 million tons in July. Canada production is forecast at 16.4 mt, lower than 2015-16 at 17.2 mt. For Canada, production is forecast 900,000 tons higher.

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