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Current Market Developments:

• As shown in the adjacent chart castor seed prices since last couple of weeks have remained range bound with slightly weak tone as buying from castor seed crushing mills and stockiest remained subdued against sufficient supplies.

• Currently, the supplies in spot markets are around 35 to 40 thousand bags which is likely to increase around 60 to 70 thousand bags in the month of February 2023.
• According to the Solvent Extractors Association of India, decline in castor oil exports from India have resulted in sufficient availability in domestic spot markets.
• During 2022-23 (April-December), castor oil exports from India reported at around 4.43 lakh tonnes as compared to 5.20 lakh tonnes exported during 2021-22 (April-December) period a decline of 15 percent.
• As per market sources, unfavourable crop weather conditions in parts of Gujarat and Rajasthan have affected the current castor crop and production is likely to decline once surveys are undertaken by government/private agencies. Market sources are expecting castor crop of round 32 to 33 lakh bags in Rajasthan against the target of 45 lakh bags. Currently, supplies of new castor in spot markets of Rajasthan is around 10 to 12 thousand bags and is likely remain till March 2023.
• As per the Ministry of Agriculture 01st Crop Advance Estimates 2022-23, Castor seed production 2022-23 is estimated to decline by 6 percent at 15.08 lakh tonnes as compared to 16.11 lakh tonnes last year in 2021-22.

Castor Seed Price Trend Vs Seasonality at Key Markets

Castor Seed Area, Production and Yield: India & Major States

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“agribazaar” 2023.