Turmeric prices fell by 0.5% to 12732 due to lower demand and increased arrivals. However, the downside was limited by reports of potential crop damage from heavy rains.
The upcoming season is expected to increase turmeric acreage by 30-35%, indicating higher production levels. Despite favorable weather conditions, concerns about reduced supply and unfavorable weather could support prices.
Turmeric sowing in India is higher than last year, with an estimated total acreage increase to 3.75-4 lakh hectares. The previous year’s unfavorable weather affected production, resulting in 45-50 lakh bags of turmeric.
The expected crop output is 70-75 lakh bags, with no outstanding stock, potentially leaving supplies below consumption levels in 2025. Exports from April to August 2024 decreased by 6.46% to 77,584.70 tonnes.
