The Hindu Business Line : Castorseed falls on prospects of good crop

CASTORSEED October and December futures prices on the Ahmedabad Commodity Exchange (ACE) and Rajkot oilseeds exchange in Gujarat have fallen by about Rs 100 a quintal over the past one month on continued selling pressure from stockists and operators on reports of good crop in the next season.

Castorseed December contracts at Ahmedabad were down to at Rs 1,484 a quintal on Saturday compared with Rs 1,590 a quintal on September 2, while December contracts in Rajkot also closed down at Rs 1,465 a quintal on Saturday from Rs 1,551.

Spot seed prices in Gujarat were also down Rs 125 to Rs 1,495-1,500 on Saturday.

"Castorseed crop in Gujarat and Andhra Pradesh - two major producers of castorseed in the country — is estimated to be higher this season. Area under castor in Gujarat is almost the same as last season, while acreage in Andhra Pradesh is higher 20-25 per cent over last year," a broker said.

Total crop in Andhra Pradesh is estimated to be higher at 35 lakh bags (each of 70 kg), up from last year's22-25 lakh bags, the broker said.

"It is difficult to predict the overall crop size in the State as sowing continued till September-end in some pockets of North Gujarat, thanks to continuous rains last month.

Castor crop may reach one crore bags (each of 75 kg)," a Rajkot-based trader said.

"New arrivals in Gujarat are expected to begin in early December, while new crop arrivals in Andhra Pradesh have already started at a low pace.

"Daily arrivals are around 5,000 bags but it will pick up around Diwali," a Hyderabad-based trader said.

"In Andhra Pradesh, new areas of Rayalseema and Telangana districts under castor crop have been noticed," he said.Overall castorseed crop in the country may increase to around 9lakh tonnes over previous season's figure of 7.80-8lakh tonnes, according to trade estimates.

Stocks with trade in Gujarat are estimated at 15 lakh bags.

In Gujarat, total acreage under castor crop has reached 3.42 lakh hectares, down from 3.62 lakh hectares in the previous season.

The normal area is 3.38 lakh tonnes, according to the State Agriculture Department.

The total area of 3.42 lakh hectares in the State includes 81,900 hectares (ha.) in Banas Kantha district, 34,800 ha. Sabar Kantha, 36,800 ha. Mehsana, 31,600 ha. Patan, 44,600 ha. in Kutch district.

"Seed prices are expected to rule lower in the next few days on good crop prospects," a local trader said.

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