Current Market Developments:
- Since last fortnight Cumin seed prices in most of the spot markets of Gujarat and Rajasthan have remained steady. Bulk buyers, processors, and stockiest were seen reluctant to carry out their buying at higher price levels.
- However, Cumin seed prices are unlikely to see any significant fall from the current levels as steady demand is seen from export front.
- Supplies in spot markets of Gujarat and Rajasthan have remained weak due to adverse weather conditions. Moreover, farmers and stockiest are hold their stocks expecting higher prices in coming days.
- As per trade sources, Cumin production in Saurashtra region was around 18 to 20 lakh bags out of which 5 to 6 lakh bags stock is estimated to have remained. Around 60 percent stock is with farmers and 40 percent stock is likely with traders, stockiest and exporters. Similarly, in Rajasthan also around 7 to 8 lakh bags stock is likely to be with Farmers, Processors and Stockists. Currently, the all India stock is estimated around 25-28 lakh bags and still there is 7-8 months period for the new season crop, therefore there is every chance of a new high in prices.
- The Turkey and Syrian crop supplies starts from July-August in International markets but this year production has declined there resulting in less quantity for exports. As per market sources, India produces around 75-80 percent of global Cumin crop.
- China is one of the key importer of Cumin from India. This year Cumin crop in China has declined, normally the crop size remains around 15-17 thousand tonnes but it is likely to decline to around 10-12 thousand tonnes this year. As per the Ministry of Commerce & Industry, India exported 2.04 lakh tonnes of Cumin seed during 2021-22 (Apr-Mar) as compared to 2.86 lakh tonnes exported in 2020-21 (Apr-Mar). Exports had declined due to lower crop in India. This year 2022-23 (Apr-May) around 23,890 tonnes exported.
- In the International markets Indian cumin seed prices are quoted around 3,100-3,200 dollar per tonnes for Gulf countries, Bangladesh and Pakistan. For European countries it is around 3,500 dollar per tonnes and for America it is around 3,600 dollar per tonnes.
Cumin Seed (Jeera) Price Movement Vs Seasonality at Key Markets
Cumin Seed Area, Production and Yield:
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