Cumin (jeera) saw a significant decrease, settling at 27645, down -1.21%, mostly due to improved production expectations in important cultivating states like Gujarat and Rajasthan. The amount of jeera acreage has increased dramatically during rabi season, hitting a four-year high. Encouraged by the previous marketing season’s record prices, farmers increased their land under cultivation, demonstrating a direct correlation between market prices and acreage.
The cultivation of jeera in Gujarat has expanded significantly by 160% to encompass 5.60 lakh hectares this year as opposed to 2.75 lakh hectares the year before, above the typical acreage of 3.5 lakh hectares. Similarly, jeera agriculture increased by 25% in Rajasthan, reaching 6.90 lakh hectares from 5.50 lakh hectares the year before.
This spike in cultivation brought on by the advantageous prices has added to the market’s general pessimism. Because Indian jeera is relatively more expensive than other sources, such as Syria and Turkey, the global demand for Indian jeera has been hindered.
Exports of jeera fell by 46.77% in October 2022 compared to September 2023 and by 13.39% in October 2023 compared to September 2023, suggesting a downturn in demand from outside. The market is presently seeing new selling pressure, according to the technical picture, with open interest rising by 4.19% to settle at 1941. Prices have dropped by a substantial -340 rupees.
