NCDEX castor seed up 2% as output seen lower.

Futures contracts of castor seed on the NCDEX were up due to a likely drop in output of the oilseed in 2016-17 (Jul-Jun), amid rising demand for castor meal and oil from overseas buyers. The most active May contract of castor seed on the NCDEX was up 2%. Production of castor seed in Gujarat in 2016-17 is estimated to be 11.2% lower at 1.3 million tonne. Gujarat is the largest producer of castor seed in the country, contributing to 85% of the total output. Firmness in prices of the oilseed in the key spot markets of Gujarat also supported sentiment.