Jeera prices rose by 0.29% to ₹22,290 due to low-level buying and concerns over stock shortages. Despite low demand, existing export business is met by available stocks. Farmers have approximately 20 lakh bags of cumin, with only 3-4 lakh bags expected to be traded by season’s end.
However, the upside is somewhat capped due to subdued demand. India’s cumin production in the 2023-24 season rose to 8.6 lakh tonnes, compared to 9.37 lakh hectares the previous year. This increase in production, coupled with favorable crop conditions, is expected to maintain production levels as last year.
Indian cumin is the most affordable globally, attracting significant export demand from China and Europe. Exports have been strong, with jeera shipments rising by 77.37% between April and October 2024.