Castor On NCDEX Settled Up 1.84% At 4535

Castor on NCDEX settled up 1.84% at 4535 tracking firmness in spot demand as prices remained supported on lower output. Sources expects arrivals of seed in local mandis to fall to 25,000-30,000 bags (70 kilogram per bag) by October compared to around 45,000-52,000 bags during May. During 2016-17 castor seed output may fall by 26.60% to 1.05 million tons compared to 1.409 million tons in 2015-16 as the farmers shifted to other remunerative crops.

India is the world's biggest castor seed producer accounting for 85-90% of the total global output while Gujarat produces 70% of India's total castor seed output, which is mainly exported to industries. Castor seed arrivals in Gujarat stood at 48,000-50,000 bags (70 kilogram per bag) unchanged.

Castor seed growers were the worst hit by low prices. This year they responded as they usually do and in the only way they know. Growers reduced planted acreage by a fifth and, as a result, castor seed output has reached multi-year lows. For 2016-17, the trade estimate of castor seed crop production is 10-11 lakh tonnes, well below the 14 lakh tonnes produced last year.

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