Castor seed futures scaled new contract highs in today's trading on the heels of waning domestic production trend. The market sources stated that total arrivals of around 45-50 lakh bags have been reported in local mandies against 60-80 lakh bags of the last year in the same period. This was mainly due to wak production trend in the current year. As per the latest survey data compiled by SEA OF India, India's total castor seed production in the current year is expected at 11.25 lakh tonnes against 13.90 lakh tonnes, down 17 percent from the last year. This is mainly due to decline in production in Gujarat and Rajasthan. The production in these states is projected at 8.61 lakh tonnes against 11.73 lakh tonnes and 1.36 lakh tonnes against 1.47lakh tonnes from last year. The survey data stated that weak remuneration rates from castor seed crop against groundnut have reduced total sowing acreage in the current year. The NCDEX April futures augmented by 3.99% today to close at Rs 4929 per quintal.
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