Turmeric prices fell by -2.32% to 13,370 due to lower demand and rising arrivals. However, concerns over crop damage and low supply could push prices higher in the coming weeks. Increased sowing may cap further price gains, and dry weather in Indonesia has accelerated harvesting, adding pressure on prices.
Rising acreage and low export demand could also lead to further price declines. In India, turmeric sowing on the Erode line is double compared to last year, while sowing in Maharashtra, Telangana, and Andhra Pradesh is estimated to be 30-35% higher.
Overall, turmeric sowing is projected to increase to 3.75-4 lakh hectares from last year’s 3-3.25 lakh hectares. Turmeric exports dropped by 13.97% from April to July 2024, but July saw a 9.17% year-on-year rise. Imports saw a massive 429.58% increase from April to July 2024 compared to 2023.
