Castor seed prices were up further by Rs 12 to Rs 4,484 per quintal in futures trade today as participants widened their positions, buoyed by strong physical market sentiments.
At the National Commodity and Derivative Exchange, castor seed for delivery in current month contracts marked higher by another Rs 12 or 0.27 per cent to Rs 4,484 per quintal, in an open interest of 36,310 lots.
Following the launch of its research project on opportunities for the Castor bean; and consultations with castor growers and processors last year, The Jamaica Promotions Corporation (JAMPRO) is executing a long-term strategy for the development of the castor industry for exports and investments.
The Agency will be hosting capacity building initiatives, business matchmaking opportunities, and has planned trade missions to assist local castor oil producers to enter international markets later this year.
To raise castor productivity by working closely with farmers, Solvent Extractors Association of India (SEA), the national body of the vegetable oil industry, will establish 200 model farms for castor cultivation in five districts of Gujarat, which accounts for 80% of castor production in India.
These model farms, on 3-4 bighas, will be developed in Banaskantha, Patan, Sabarkantha, Junagadh and Kutch.
A Jamaican castor oil producer has stated that the industry needs assistance from the Government if it is to capture its fair share of the fast-growing and lucrative trade that is expected to grow to over US$2 billion in another seven years.
According to the producer, who has been in castor production for the past two years, some form of mechanisation is necessary to help castor oil producers increase production.