Castor Seed Prices Expected to Rise Due to Export Demand
Decrease in Daily Arrivals of Castor Seed
Daily arrivals of castor seed in Gujarat mandis have decreased compared to earlier levels. The price of castor seed in Gujarat mandis increased from $0,67 to $0,68 per kg, while a decrease was recorded in its daily arrivals. About 62,000 bags of castor seed arrived from Gujarat. Apart from this, about 12,000 bags arrived in the markets of Rajasthan, including 5,000 bags from other states. The total arrival in the states across the country was about 80,000 bags.Anticipation of Improved Prices Due to Export Demand
According to experts, the export of castor oil is expected to increase to 50,000 tonnes in the current month. Therefore, its prices will improve due to the demand of exporters. The prices of Kandla delivery castor oil increased to $1,40 per kg on Saturday. The price of castor seed in Rajkot was quoted at $0,65 to $0,67, in Junagadh it was $0,65 to $0,67, and in Gondal its price was quoted at $0,65 to $0,67 per kg.Current Year Export Trends and Production Forecasts
According to the Solvent Extractors Association of India (SEA), the export of castor oil in the first four months of the current year was 235,103 tonnes. According to the third preliminary estimate of the Ministry of Agriculture, the production of castor seed in the country is estimated to be 1.91 million tonnes in the current crop season 2023-24.Castor seed prices are expected to rise in the coming weeks due to decreased daily arrivals and strong export demand. Market conditions and expert analyses suggest a positive outlook for castor seed prices.Meta Description