Due to a surge in supply signaling the end of the harvesting season, turmeric prices saw a notable 4.25% decrease Wednesday, closing at 17872. The negative was, however, minimal since farmers held onto their stocks in anticipation of additional price increases. A threat to agricultural production is posed by the current hot wave in India, which exacerbates the supply shortage and supports prices.
According to the India Meteorological Department’s projection, much of the nation will see extended periods of high temperatures, which could have an additional effect on agricultural yield. Furthermore, the amount of rainfall in southern India in April was much less than usual, which raised more questions regarding agricultural productivity.
Turmeric production for 2023–24 is expected to drop to 10.74 lakh tonnes from 11.30 lakh tonnes the year before, according to the Ministry of Agriculture and Farmers’ Welfare’s initial advance estimate. Moreover, a hand-to-mouth strategy has been witnessed by many as a result of demand erosion brought on by price increases.
Despite the domestic circumstances, during the April–May 2024 period, turmeric exports decreased by 4.75% from the prior year, while imports decreased by 12.71%. In March 2024, on the other hand, imports and exports showed divergent patterns. While imports fell by 24.67% from February 2024 to March 2024, exports increased by 34.90%. Turmeric closed the day stronger, up 0.35% to 18203.75 Rupees in Nizamabad’s main spot market.
