Current Market Developments:
- Currently, castor seed prices in spot markets have remained range bound between Rs. 7,405 per quintal to Rs. 7,675 per quintal.
- Castor seed crushing plants in Gujarat Kutch region are not getting sufficient supplies of castor seed for oil. Daily around 9,000 to 10,000 bags are arriving as against the requirement of around 25,000 to 27,000 bags in Kutch.
- Trade sources are estimating around 1.80 to 2.10 crore bags of castor production for current year and carry over stock of around 20-30 lakh bags. Traders, stockiest and oil seed crushing mills are having around 50 lakh bags of stocks and farmers are also having around 50 lakh bags of stocks with them. So far during the current season around 1.25 to 1.30 crore bags of Castor has arrived till May end in markets.
- As per the Ministry of Agriculture third advance estimates 2021-22, Castor seed crop production is estimated to decline by 8.5 percent at 15.06 lakh tonnes as compared to 16.47 lakh tonnes during 2020-21 due to lower acreage as farmers shifted to more remunerative crops.
- According to trade sources, Castor oil exports has declined by 12 percent at 2.74 lakh tonnes during Jan-May 2022 as compared to 3.12 lakh tonnes last year during Jan-May 2021. Demand from China has remained low due to lockdown in many cities resulting in lower industrial activities. Last year during March to July on an average 40,000 tonnes of castor oil was exported but currently on an average only 25,000 to 30,000 tonnes castor oil exports done.
Castor Seed Price Trend Vs Seasonality at Key Markets
Castor Seed Area, Production and Yield: India & Major States
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