The export of guar gum increased by 2.67% in the year 2023-24 (April 2023-March 2024).

The export of guar gum increased by 2.67% in the year 2023-24 (April 2023-March 2024). According to data released by the Government of India, Agriculture Ministry, the total export of guar products from April 2023 to March 2024 was 417,691 MT, which is 11,160 MT higher than the previous year. Last year's export of guar gum was 406,531 MT. This is positive news for guar farmers and guar gum exporters, as the export of guar products has increased by 2.67%. This year, guar has generated foreign exchange worth 542 million USD. In contrast, the previous year's export of guar gum was valued at 617 million USD for the same period. Thus, the revenue generated by guar gum has decreased by 12.16% or 75 million USD. Despite this, the market sentiment remains positive as guar gum is being sold at higher prices.

Geopolitics is currently intense. Israel has tightened its grip over Gaza, with an increase in attacks on Hamas military facilities. While neighboring countries of Israel are not showing resistance against Israel's actions, Iran, Yemen, and Hezbollah militia are resisting.

Crude oil prices have strengthened in the international market due to a decline in inventory in the USA. The Energy Information Administration has released data showing a decrease in US crude oil stock. This week, there is a 457 million barrel stock, which is 2.5 million barrels less than the previous week. The decrease in stock indicates increasing petro refining activities and demand for petro fuel in the market. Today, Brent crude oil is being traded at USD 78.79 per barrel, and WTI crude oil is being traded at USD 83.27 per barrel.

The export of guar gum increased by 2.67% in the year 2023-24 (April 2023-March 2024).

Guar seed and guar gum prices are strong in the local guar trading markets or Mandis. Prices of guar seed and guar gum are quoted at a premium over the prices of the Commodity Exchange NCDEX. Future trading of guar seed and guar gum is also expected to remain strong due to local demand at current levels. Good quality guar seed is traded at Rs 5550 per 100 kg and average quality guar seed is traded at Rs 5400 per 100 kg. Standard quality guar gum is traded at Rs 10925 per 100 kg. In interior locations, guar seed is traded at Rs 5000-5200 per 100 kg. Guar seed is trading strong in the future market. At NCDEX (National Commodity & Derivatives Exchange Ltd), guar seed-10MT is traded at Rs 5657, Rs 5505, and Rs 5555, higher by 3.70% or Rs 202 per 100 kg, 0.44% or Rs 24 per 100 kg, and 0.23% or Rs 13 per 100 kg, with an open interest of 155, 59980, and 3675 for May, June, and July month contracts, respectively.

Guar gum is also trading strongly in the futures market. At NCDEX (National Commodity & Derivatives Exchange Ltd), guar gum-5MT is traded at Rs 10,790 and Rs 10,940, higher by 0.48% or Rs 52 per 100 kg, and 0.38% or Rs 41 per 100 kg, with an open interest of 47,865 and 15,060 for June and July Month contracts, respectively.