Jeera fell -1.47% to settle at 27165, primarily due to increased production forecasts in important cultivating states like Gujarat and Rajasthan. There is a strong association between market prices and acreage, as seen by the four-year high in jeera acreage observed in the current rabi season.
Farmers expanded cultivation in response to record prices in the previous marketing season. Gujarat’s jeera cultivation surpassed the typical acreage of 3.5 lakh hectares to reach 5.60 lakh hectares, a startling 160% growth from 2.75 lakh hectares the year before.
The cultivation of jeera increased by 25% in Rajasthan, to 6.90 lakh hectares from 5.50 lakh hectares the year before. Due to rising prices in India, customers favored alternate supplies such as Syria and Turkey, which created issues for the global market for Indian jeera.
Export data from April through November of 2023 revealed a 33.10% decrease in overall exports, or 84,467.16 tones, as opposed to 1,26,252.59 tones during the same period in 2022. On the other hand, exports increased by 30.04% in November 2023 over October 2023. The price finished at 32470.1 Rupees in the Unjha spot market, down -0.7%.
