Jeera prices dropped by 1.7% to 25,500 due to expectations of higher production this season. However, the downside was limited due to strong domestic and export demand, tight global supplies, and farmers holding back stocks.
Gujarat and Rajasthan saw increased sowing areas, leading to a 30% higher production forecast. China’s cumin production surged to over 55-60 thousand tons, doubling from 28-30 thousand tons. Other regions like Syria, Turkey, and Afghanistan ramped up cumin production due to high prices in the previous season.
Reduced export trade in cumin has contributed to the price decline, signaling shifts in global market dynamics. In India, cumin production is at record levels, with Gujarat’s output expected to reach 4.08 lakh tonnes, surpassing the previous record of 3.99 lakh tonnes in 2020-21.
Jeera exports during April-July 2024 rose by 58.31%, with July 2024 exports increasing by 110.15% compared to the previous year.
