Castor futures moved up marginally on account of strong export demand for its meal in local mandis along with weak production estimates for the current year. However, spot traded weak.
Since Wednesday, most of the APMCs in Gujarat will be closed for a week. Arrival of castor also halved and will decrease further.
On the National Commodity and Derivatives Exchange (NCDEX), castor April contract increased ₹7 to ₹4,140 with an open interest of 155,800 lots. NCDEX May contract was up ₹9 to ₹4,208 a quintal with an open interest of 82,960 lots.
On Rajkot Commodity Exchange (RCX), castor for June gained ₹20 to ₹4,243. RCX spot castor declined ₹12 to ₹3,959.
Data compiled by Solvent Extractors Association showed that the exports of castor meal during February reported a strong gain of over 254 per cent to reach 0.39 lakh tonnes against 0.11 lakh tonnes of the previous year.
About 28,000-30,000 bags of castor arrived in Gujarat and prices stood at ₹770-790 for 20 kg. Around 900-1,000 bags arrived in Saurashtra for ₹745-780. Castor oil increased ₹5 to ₹835/10 kg.
Evogene Ltd., a plant genomics company specializing in enhancing crop productivity for the food, feed and biofuel industries, and SLC Agricola S.A., one of Brazil’s largest landowners and agriculture businesses, have announced that they are signing of a collaboration agreement between SLC and Evofuel Ltd., Evogene’s wholly-owned subsidiary, for the commercial production of Evofuel developed castor bean varieties in Brazil, expected to take place during 2016. Evofuel focuses on the development of high yielding castor bean seeds as a second-generation feedstock for the growing biofuel and other industrial markets.
Castorseed prices fell by 0.85 per cent to Rs 4,180 per quintal in future trade on the back of weak spot as well as overseas markets sentiment.
Marketmen said traders preferred to book profits on a weak spot market and overseas trend that mainly pulled down the prices in futures trading.
At the National Commodity and Derivatives Exchange, castorseed for March contract declined by Rs 36, or 0.85 per cent to Rs 4,180 per quintal, with an open interest of 1,66,850 lots.
Following increased demand at the lower level, castorseed futures moved up on Wednesday. According to market sources, expectation of demand in castor oil also supported the rise . Castorseed spot prices, however, declined on higher arrivals.
On the Rajkot Commodity Exchange, castorseed June contracts were up ₹28 at ₹4,313 a quintal. RCX spot castorseed decreased by ₹55 to ₹3,945 .
On the National Commodity and Derivatives Exchange, castorseed April contracts gained ₹19 at ₹4,240 with an open interest of 182,060 lots. NCDEX May contracts improved by ₹14 to ₹4,304 with an open interest of 62,370 lots.
A broker said that futures gained as prices dropped the previous day and at this level, there was some buying interest among traders on expectation of good demand in castor oil in coming days.
However, as arrival improved in the last few days, spot castorseed was under pressure. Castorseed arrival rose from 15,000-17,000 bags to 45,000-48,000 bags in Gujarat and prices declined by ₹10 to ₹790-800. About 3,500-3,600 bags arrived in Saurashtra and price declined by ₹15 to ₹750-775 for amaund of 20 kg. Castor oil remained steady at ₹835/10 kg.
Castorseeds bold and castor oil commercial dropped in an otherwise lack lustre Vashi oils and oilseeds wholesale market due to reduced demand from shippers and soap industries.
Meanwhile, groundnutoil, refined palmolein and linseed oil all held steady in the absence of any large-scale buying activity.
In the non-edible segment, castor seeds bold dipped by Rs 65 per 100kg to Rs 4,025 from last Saturday’s closing level of Rs 4,090 and castoroil commercial declined by Rs 13 per 10kg to Rs 835 from Rs 848.
However, groundnut oil, refined palmolein and linseed oil all closed unchanged at Rs 760, Rs 640 and Rs 850 per 10 kg, respectively.
RESEARCH TRIANGLE PARK, N.C. — Nova Synthetix and Precision BioSciences, Inc., today announced that they have initiated a joint research effort to generate non-GM, ricin-free castor plants using Precision’s Directed Nuclease Editor (DNE) technology in combination with Nova Synthetix’s proprietary plant transformation system. Scientists at Nova Synthetix and Precision also plan to utilize their joint capabilities to generate improved castor variants capable of producing user defined oil profiles for industrial, biofuel, and feed-directed applications. The companies believe that the successful development of this multi-year research effort will address a significant agricultural need and result in a castor plant that is safer and has far greater market utility.
The need to replace petroleum-derived materials with sustainable, non-polluting alternatives is driving the 2.1 mm Mt/$4B biobased polymers market. Castor oil is used in many applications, including biobased nylons, a 0.2 mm Mt market growing at >25%/Yr. Nova Synthetix has developed a non-GM strategy to eliminate castor seed toxin (ricin) gene expression enabling the expansion of castor cultivation and improving castor-derived feedstocks availability. Ricin-free castor will also serve as a platform for “designer” oils for new biobased materials.
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Castorseed prices tumbled by Rs 81 to Rs 4,522 per quintal in future trading on 11th March following selling by traders in line with weak spot and overseas markets sentiment.
Marketmen said increased supply and slackness in demand in physical markets mainly led to the fall in futures prices of castorseed.
Easing export on falling demand in overseas markets also influenced the market sentiment, they said.
At the National Commodity and Derivatives Exchange, castorseed prices for July contract drifted Rs 81, or 1.76 per cent, to Rs 4,522 per quintal, in an open interest of 4,600 lots.
March contract dipped by Rs 59, or 1.38 per cent, to Rs 4,217 per quintal, with an open interest of 32,720 lots.
Most active April contract fell by Rs 60, or 1.38 per cent, to Rs 4,286 per quintal, clocking an open interest of 1,87,950 lots.