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Current Market Developments:
⮚ Turmeric prices in most of the domestic markets of Maharashtra and southern India have firmed up as steady demand from traders and stockiest noticed at lower levels.

⮚ The new crop arrivals are likely to start in February. This year the sowing was delayed so the arrivals are likely to be delayed. Normally, the new arrivals first start in Nizamabad, then in Sangli & Satara regions the new arrivals are seen from February last week and in Marathwada Nanded and Basmatnagar regions new arrivals normally start from February end to March.

⮚ This year the Turmeric acreage in Sangli-Kolhapur regions reduced by 20-25 percent as farmers have opted out for Sugarcane and Pulses. Erode and Salem regions reported a decline of 20 percent in acreage. In Nizamabad also the acreage reduced by 25 percent. So, overall, this year a significant decline was reported from major Turmeric growing belts in the country.

⮚ As per trade sources, this year the harvest is likely to be reduced to 65-70 lakh bags due to lower acreage and crop damage reports. Last year the harvest was around 90-95 lakh bags. The old stock is likely to be reduced by 15-20 percent to around 28-30 lakh bags. So, the total supplies are likely to be around 95-100 lakh bags. The domestic consumption is around 70-75 lakh bags, and the exports normally stand around 30 lakh bags. So, the balance sheet looks tight and in the coming months if the exports pick up, then we may see higher Turmeric prices in 2024.

⮚ On the export front, as per the Ministry of Commerce and Industry data, Turmeric exports during April-November 2023 have declined by 1.07 percent at 110745.38 tonnes as compared to 111944.51 tonnes in April-November 2022 period. In the month of November 2023 exports remained lower by 30.77 percent at 8582.44 tonnes as against 12398.63 tonnes in the month of November 2022.

MONTHLY TURMERIC PRICE TREND Vs SEASONALITY

TURMERIC EXPORT STATISTICS

TURMERIC AREA, PRODUCTION & YIELD TREND

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“agribazaar” 2024 .