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Current Market Developments:

• Currently, castor seed arrivals in domestic markets have remained low against subdued demand from processors and traders. Prices in domestic markets have remained range bound.

• This year arrivals of new crop have started early in parts of north Gujarat & Rajasthan. As per market sources, new crop arrivals pressure is likely to increase from mid-January onwards.
• Currently, in markets of Kutch district daily arrivals of only 6-7 thousand bags are reported and subdued domestic and export demand is noted. Generally, export demand remains low during November to December period due to Christmas and New year holidays. However, trade sources are expecting good export demand from January onwards and are expecting the annual exports to touch 6.2 to 6.5 lakh tonnes.
• Due to higher crop last year exports under castor oil & it fractions have registered an increase of 3.58 percent at 3.26 lakh tonnes (April-September) as against 3.14 lakh tonnes corresponding period last year. Higher exports were reported to China, Singapore, Korea, Russia, and United Kingdom. During 2022-23 (Apr-March), annual exports stood around 6.05 lakh tonnes.
• As per the Ministry of Agriculture data this year castor acreage reported higher by 2.31 percent at 9.52 lakh hectares as compared to 9.31 lakh hectares last year. However, as per traders, seed distributers and farmers the castor acreage has declined by 10 percent this year. Moreover, the recent rainfall in parts of Rajasthan and Gujarat might have adversely affect the crop yield.
• This year the domestic castor crop production is estimated to decline by 16 percent at 16.69 lakh tonnes as compared to 19.80 lakh tonnes last year according to the 01st Advance estimates for 2023-24 released by Ministry of Agriculture on 27th October 2023.

Castor Seed Price Trend Vs Seasonality at Key Markets

Area and Production Trend: INDIA & MAJOR STATES

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