Amid reports of increasing seeding activity, the price of turmeric ended down 2.11% at 15876. Nonetheless, the negative impact was restricted because farmers are hoarding their inventory in expectation of additional price increases. It’s now believed that fair prices will lead to a rise in turmeric sowing in all key producing states.
According to reports, the number of sowings in the Erode region has doubled from the previous year. In contrast, the number of sowings in Maharashtra, Telangana, and Andhra Pradesh has increased by an estimated 30–35%. Turmeric was planted on roughly 3–3.25% of the nation’s hectares last year. The projected sowing area for this year is 3.75–4 lakh hectares.
The production of turmeric was projected to have been 45–50 lakh bags last year due to unfavorable weather, with an extra 35–38 lakh bags of stock remaining. Compared to 39,418.73 tonnes during the same period in 2023, the amount of turmeric exported between April and May of 2024 decreased by 20.03% to 31,523.94 tonnes.
In May 2024, exports of turmeric were about 17,414.84 tonnes, up 23.43% from April 2024 but down 12.17% from May 2023. Prices finished at 16369.6 Rupees, down 0.95%, in the Nizamabad market, a significant spot market for turmeric.
