The price of turmeric increased noticeably by 1.16%, closing at 14458. The market’s scarcity of high-quality food can be blamed for this increase. Turmeric prices are significantly impacted by the current planting activities and crop development. However, worries have been raised because it is predicted that the southern and central regions will have drier weather, which could affect the turmeric crops.
Despite the fact that seeding efforts in Maharashtra are almost finished, they are anticipated to pick up in Andhra Pradesh and Tamil Nadu (NS: TNNP). The forthcoming turmeric crop is being adversely affected by the imminent threat of El Nino. El Nino is predicted to become active in July, which might result in decreased rainfall and the advent of drought conditions.
When compared to the 49,435.38 tonnes exported during the same time in 2022, turmeric exports during April–June 2023 showed a considerable rise of 16.87%, coming in at 57,775.30 tonnes. The dynamics of the turmeric market are further complicated by this increase in exports.
The monsoon performance in India is also part of the worrying prognosis. Due to the projected effects of El Nino, the country is set to have its lowest monsoon rainfall in eight years, leading to decreased September precipitation.
