MUMBAI, 07 Dec (Commoditiescontrol): Castor bean arrivals in Gujarat have been steadily declining, with pressure from the new crop still about one to one and a half months away. As of today, castor bean prices remained stable. Traders suggest that with prices now below 1250 rupees, farmers are unlikely to sell, which is expected to keep the arrivals between 15,000 to 17,000 bags next week. The arrival of new castor beans is expected to be slightly higher until January 15, but even then, the pressure on new crop arrivals will likely prevent castor prices from falling significantly below 1250 rupees per 20 kilograms.
Today, Gujarat saw the arrival of around 15,000 bags of castor beans (1 bag = 35 kg), while Rajasthan contributed about 2,000 bags, and mills directly received 1,000 bags. In total, around 18,000 bags were traded. Prices for castor beans were stable at 1245-1260 rupees per 20 kilograms.
With the futures market closed, millers did not make significant changes to their prices. Prices for different suppliers were consistent throughout the day: Jagana Sheeprs remained at 1293 rupees, N.K. at 1305 rupees, and Kandla at 1287 rupees per 20 kilograms. In castor oil, the price for Reddy-Reddy deliveries in Kandla remained steady at 1308 rupees per 10 kilograms.
The ongoing decrease in castor bean arrivals and the limited selling from farmers are expected to keep the market relatively stable in the coming weeks. The upcoming new crop arrivals are anticipated to bring some changes to the supply pressure, but price fluctuations are expected to remain limited.
(By Commoditiescontrol Bureau; +91 98201 30172)
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