Bihar Trade Scenario
In Bihar, around 5% maize crop harvesting has been completed and crop is in good condition. Maize is moving towards Punjab and U.P at Rs. 1600 and Rs. 1500 per quintal respectively. Demand from Kolkata feed makers will be raised from mid April after finishing up local produced.
Odisa Traders Association Calls Off Strike On Vat Issue
Odisha Traders Association has called off strike on VAT issue after getting assurence from state govt.Now they will buy essential food items from other states like past month.The traders were on strike on April 1 to protest against the five percent Value Addition Tax (VAT) levied by the Odisha government on the purchase of pulses, wheat and wheat products from other states. They have suspended their strike till 26 ,May-2016
Castor Oil Export In March declines By 19%
Castor oil monthly export declined by19 % in March-2016 in comparison to Feb due to one week holiday at year end closing /settlement. Demand for oil is expected to remain weak as mostly importers have covered their immediate needs taking advantage of lower price.April is likely to end with 4 to 5 percent lower oil export in comparison to March-2016.India has exported 42997 tonne oil in March,while it may touch 40,000 tonne in April,-2016.
Castor Price Is Expected To Rule Steady At Current Level
At price front, market may trade almost steady at current level as farmers are unwilling to sell their produce at current price. Castor seed may trade in the range of Rs 2750/2850 per qtl in April. Any unexpected dip is unlikely despite expectation of higher arrival from mid April. Small farmers would continue to sell their stock at lower price as they need cash for other activities. As oil export is continuously increasing from last four months, any major dip in seed price seems a remote possibility.
Castor Seed Monthly Ave Price Decreases By 0.56 % In March-2016,Uptrend Unlikely
Castor seed all India average monthly price decreased by 0.56 % from Rs 3063.6(Feb-2016) to Rs 3046.27 per qtl. in March-2016. However, average price increased in Gujarat, followed by Andhra Pradesh, Karnataka and Telangana where average prices increased by 2.27, 0.81,5.08 and 2.08 percent respectively. Arrivals from newly harvested crop have started increasing and overall outlook seems bearish as crop size is higher this year. In absence of futures contract, price recovery is fully dependant now on physical market force. The NCDEX would try to re-launch futures contract in castor seed soon after making sure that mal-practices at broker’s level would not happen again.