Current Market Developments:
- Steady demand from local buyers & exporters witnessed in most spot markets. Currently, Cumin seed prices are trading in a narrow range. Daily around 1,500 to 2,000 bags are received in markets of Saurashtra.
- Cumin seed stock is the country have remained low and new crop is expected only after 3-4 months’ time. In the country total stock is estimated to be around 12 to 15 lakh bags. In Saurashtra 1 to 2 lakh bags stocks are estimated to be available and most 0f it is in centres of Jamnagar, Rajkot, Gondal. Cumin seed stock is Unjha estimated around 6 to 7 lakh bags and in Rajasthan around 4 to 5 lakh bags stock is estimated. Last year carry forward stocks in the country was around 20 lakh bags but this year the carry forward stock would be around 3 to 5 lakh bags at the starting of new season.
- As per the Ministry of Commerce & Industry, this year during 2022-23 (Apr-Sept) India exported around 1.04 lakh tonnes as compared to 1.32 lakh tonnes corresponding period last year. Trade sources are expecting exports to pick up in coming months due to strengthening of dollar against rupee. Good demand expected from China in December-January and Ramzan demand during January-February from gulf & other countries.
- In International markets Indian cumin seed quoted around $3000 to $3050 per tonnes for Gulf countries, for European countries quoted around $3250 per tonnes and for America cumin seed quoted around $3350 per tonnes.
- Due to Normal to excess monsoon rainfall in most parts of Gujarat and Rajasthan, the cumin seed acreage is expected to be higher. According to Department of Agriculture Gujarat, the current acreage under cumin seed is reported significantly higher at 28,592 hectares as compared to only 330 hectares last year same period.
- Market and trade sources are expecting the overall acreage this season under Cumin seed to decline in Gujarat by 10-15 percent as farmers would prefer Coriander crop due to lower cost and good return. So far acreage under Coriander is reported higher at 32,210 hectares as compared to 159 hectares last year same period.
Cumin Seed (Jeera) Price Trend Vs Seasonality at Key Markets
Cumin Seed Area and Production Trend:
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