MUMBAI, 5 Aug (Commoditiescontrol): Due to the first Monday of the Shrawan month, many markets in the state of Gujarat remained closed today, leading to a reduced influx of castor seeds. Consequently, with lower demand from mills, castor seed prices softened by Rs 5-10 per 20 kilograms.
Traders attribute the decline in purchasing activity to decreased demand for castor oil from foreign markets, resulting in slower buying from mills. According to the state government's agricultural department, castor seed sowing has been completed on 1.46 lakh hectares this season, significantly down from 3.46 lakh hectares during the same period last year, indicating a 57.71% decrease in sowing.
Regarding castor seed sowing, traders suggest that the delayed start of the monsoon in North Gujarat will accelerate sowing activities post-August 15. By the end of this month, a clearer picture of the sowing status will emerge. Hence, the current data should not be overly concerning.
(By Commoditiescontrol Bureau; +91 98201 30172)
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