Commodity Insights Turmeric


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

Disclaimer:

This report is prepared by “agribazaar”. Information and opinions in this report have been taken from publicly available data and from sources believed to be reliable. Neither the report nor any part of the report shall be replicated without the written consent. agribazaar does not make any representations or warranties in relation to the accuracy, completeness and correctness of data or information contained in this report. Use of the data, information or opinions contained in this report is at the sole risk of the recipient of this report, and any such data, information or opinion should be independently verified. agribazaar, its affiliates, their officers, directors, and employees shall not be responsible for any loss or damage that may arise to any person from any error in the data, information or opinion contained in this report.
“agribazaar” 2024 .


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