Low-level buying caused the jeera prices to rise sharply, 4.02%, to settle at 28350 following a recent decline ascribed to improved production forecasts in the major farming states of Gujarat and Rajasthan. The current rabi season saw acreage for jeera hit a four-year high, demonstrating a strong relationship between cultivated area and market pricing.
Gujarat and Rajasthan saw a significant 160% and 25% growth in land dedicated to jeera agriculture, respectively, thanks to farmers. Due to rising pricing in India, consumers chose jeera from other countries, such as Syria and Turkey, which resulted in a fall in global demand.
The export market is anticipated to stay muted in the coming months due to seasonal trends and difficulties like less water availability, fewer days with low temperatures, and worries about crop attacks by fusarium wilt. While India is anticipating a bountiful harvest, other key producers of jeera, including as China, Egypt, and Syria, are expecting larger yields, which will affect the worldwide market.
Compared to the same time in 2022, jeera exports decreased by 33.10% to 84,467.16 tons in April–November of 2023. About 8,099.26 tons of jeera were shipped in November 2023 compared to October’s 30.04% increase and November 2022’s 22.89% decrease. With prices rising by 1095 rupees and open interest rising by 1.28% to settle at 1896, the market appears to be witnessing fresh purchasing on the technical front.
