India: Castor seed prices expected to rise by 10% due to strong demand despite southwest monsoon

The India Meteorological Department said on Monday that the southwest monsoon is likely to hit the Kerala coast on June 3, even as private weather forecaster Skymet said the monsoon has hit the southern state, according to Geojit’s daily report on agricultural commodities. Castor seed prices, which have already risen 11% in the last three months, are expected to rise another 10% by July due to strong demand for castor oil from China, say market participants. Cyclone Tauktae has devastated crops spread over 20,664.73 ha in Kerala, which has led to losses of around Rs 7.61 billion for farmers. Private weather forecaster Skymet’s President G.P. Sharma does not expect cyclones or any other disturbances to play spoilsport for the route and trajectory of southwest monsoon currents. He expects the currents to reach the Indian mainland and progress well into the Jun-Sep wet season. Farmers in the country have sown summer crops across 8.04 million ha in 2020-21 (Jul-Jun), up over 21% on ...