Current Market Developments:
- Turmeric prices in major domestic spot markets of Nizamabad, Hingoli and Erode have remained range bound with firm tone. Steady demand was seen from traders and stockists.
- Turmeric futures have also remained slightly firm supporting the domestic spot markets. Moreover, Spice processors are likely to increase their buying from November onwards which will support Turmeric prices.
- On the supply front, more than sufficient Turmeric stock availability is seen in most of the spot markets of Maharashtra, Tamil Nadu, Telangana, and Andhra Pradesh. As per trade sources overall 38-40 lakh bags of Turmeric stock are available in markets. In Maharashtra around 12-14 lakh bags stock is estimated with Hingoli, Nanded and around 3-4 lakh bags stock at Sangli. Similarly, in Telangana around 8-10 lakh bags stock and around 5-6 lakh bags stock with Tamil Nadu. In Andhra Pradesh around 3-5 lakh bags of Turmeric stock are estimated.
- As the southwest monsoon rainfall was normal to excess in major Turmeric growing belts the area under Turmeric crop in the current season is expected to be on higher side. Uptill now crop acreage in Maharashtra, Tamil Nadu, and Telangana is at satisfactory levels and crop condition is also good. However, in Andhra Pradesh Turmeric acreage has remained on lower side by 10 percent at 18,000 hectares as against 20,000 hectares same period last year.
- Due to lower prices in domestic markets Turmeric export have increased by 15 percent this year. According to the Spice Board of India, Turmeric exports during April-August 2022-23 have increased to 74,393.62 tonnes as compared to 64,493.35 tonnes same period last year. The major importing nations were Bangladesh, United Arab Emirates, Morocco, Malaysia, Iran, Saudi Arabia, and Iraq. In the financial year 2021-22 (Apr-Mar) Turmeric exports had remained lower by 17 percent at 1,53,154.46 tonnes as against 1,83,868.17 tonnes during 2020-21 (Apr-Mar).
- According to the Spice Board of India, Turmeric production during 2021-22 is estimated to increase by 18 percent at 13,30,932 tonnes as compared to 11,23,857 tonnes in 2020-21. The increase in production was mainly due to higher acreage and favourable crop weather conditions.
Turmeric Price Movement Vs Seasonality at Key Markets
Turmeric: Area, Production and Yield
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” 2022.