Prices for jeera saw a minor decrease of 0.63% to end at 28,420 due to anticipations of increased supply, which would put pressure on prices. The jeera production is expected to increase by 30% this season, reaching 8.5–9 lakh tonnes, mostly in Gujarat and Rajasthan due to a significant increase in planting area.
Significant gains in cumin output are anticipated worldwide, especially in China, Syria, Turkey, and Afghanistan. This glut of supply is predicted to put downward pressure on pricing. Even though more output was expected, the downside was constrained by strong export and domestic demand and restricted worldwide supply.
Price support came from farmers holding onto their stock in expectation of higher prices. Significantly, Rajasthan’s production of cumin increased, while Gujarat is expected to produce a record 4.08 lakh tonnes of spice.
Notwithstanding, the 13.53% decrease in jeera exports from April to March 2024 in contrast to the prior year, along with a notable upsurge in exports in March 2024, suggests a degree of instability in trade dynamics. Increased sowing areas and falling international prices are predicted to cause India’s average annual cumin export, which has historically been approximately 0.2 million tonnes, to rise in 2024.
