Jeera Accomplished In Short Coverage

After a recent decline owing to increasing acreage in the major producing states of Gujarat and Rajasthan, jeera prices saw a minor uptick of 0.45% yesterday, finishing at 24440. This increase was mostly driven by short covering. Farmers greatly increased cultivation in response to the previous marketing season’s record prices, resulting in a four-year acreage high.

Support for prices also came from growing weather risks in Gujarat and Rajasthan that could negatively impact yields. The cultivation of jeera in Gujarat increased by a significant 160% to 5.60 lakh hectares, more than the 2.75 lakh hectares planted the year before.

Additionally, Rajasthan experienced a 25% growth, with 6.90 lakh hectares as opposed to 5.50 lakh hectares earlier. But obstacles like less water available and worries about pests and illnesses like fusarium wilt might jeopardize the huge crop that could be.

India’s increasing pricing has caused a decline in the global market for jeera, with consumers choosing products from other countries, such as Syria and Turkey. Comparing export data from April to December of 2023 to the same period in 2022, there was a 29.95% drop. Although exports decreased from December 2022 to December 2023, there was a minor month-over-month rise in December 2023 over November 2023.

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