The slowing in the speed of arrivals caused stockists and farmers to hold off on releasing their stockpiles in the face of higher price realization, which caused jeera prices to rise by 6% yesterday and close at 29,510. There was a slight increase in the arrival of jeera in major APMC mandis in India, suggesting a consistent supply pattern.
It is expected that export demand will increase at the current rate, which will encourage jeera prices to grow even further. The increasing momentum was also fueled by strong export demand and aggressive stockist buying. Due to dwindling worldwide supplies, customers preferred Indian jeera, which drove up costs even more.
Production increased significantly as a result of expanded sowing areas and excellent weather in Gujarat and Rajasthan, two of the world’s top cumin-producing regions. It is anticipated that Gujarat will yield a record 4.08 lakh tonnes of cumin, but Rajasthan’s output rose by 53%. In 2024, exports are predicted to rise as a result of increased output and falling worldwide cumin prices, despite the turbulent conditions and sharply rising local prices in 2023.
Nonetheless, jeera shipments totaling 152,189.32 tonnes from April to March of 2024 saw a 13.53% decrease from the same period the year before. Nevertheless, when compared to the prior month and the same time last year, there was a noticeable increase in exports in March 2024.
