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CASTORSEED

Key Highlights

* The overall export of castor meal during April 2020 to March 2021 decreased sharply and provisionally reported at 419,864 tons compared to 538,956 tons during the same period of previous year i.e. down by 22%, , according to data released by the (SEA) Solvent Extractors' Association of India. Meanwhile, India's castor meal exports up by more than 29% MoM from 22,911 tn in March to 29,580 tones.

* India's castor oil exports fell by 5.2% on year to 43,516 tn in February, according to data from Solvent Extractors' Association of India. A year ago, exports were at 45,900 tn. Overall exports during Apr-Feb rose to 602,140 tn from 495,981 tn a year ago.

* Castor seed production in the country is expected to fall to 1.78 mln tn in 2020-21 (JulJun) from the previous estimate of 1.90 mln tn, according to the third survey commissioned by The Solvent Extractors' Association of India.

* Production of castor seed in the country is likely to fall by 2.6% on year to 1.90 mln tn in 2020-21 (Jul-Jun), according to a survey conducted by the Solvent Extractors' Association of India. The production was pegged at 1.95 mln tn last year. The farm ministry has pegged castor seed production at 1.72 mln tn, down from 1.85 mln tn last year.

* According to the first advance estimates for 2020-21 (Jul-Jun), castor seed output is seen at 1.724 mln tn compared with 1.8 mln tn in the fourth advance estimates for 2019-20, according to the data released by the farm ministry. While, according to traders, crop is seen at 1.5-1.6 mln tn.

* Farmers have sown castor seed across 792,000 ha in 2020-21 (Jul-Jun), down 16% from a year ago.

* According to traders, carryover stocks were seen at around 500,000 tn as on December 2020 against 600,000 tn same period last year.

* According to the first advance estimates for 2020-21 (Jul-Jun), castor seed output is seen at 1.7 mln tn down by 5.6% compared with 1.8 mln tn in the fourth advance estimates for 2019-20, according to the data released by the farm ministry.

Technical view

* Prices has been on consolidation mode, even though the main trend is broadly positive. But, it is required to break the resistance of 5420 with volume to continue upside moves targeting 5500/5630 or even higher to 5750 levels.

* However, any break below 5150 could see profit booking towards 5000/4930 levels.

* Meanwhile, weekly RSI (14) is treading lower at 68 showing weakness in the near term.

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