Jeera futures closed at 23285, up 0.69%, mostly on predictions that more arrivals would put pressure on the market. However, there was little downside as buyers worldwide continued to choose Indian jeera despite tightening global supply. Over the past few weeks, new arrivals have been reported in both Gujarat and Rajasthan, adding to the 10,000–12,000 bags of jeera that are being brought into Rajkot Mandi every day, exceeding the present demand.
Notably, major producing districts like Mehsana, Banaskantha, Patan in Gujarat and Jaisalmer, Barmer, Jodhpur, and Ajmer in Rajasthan have witnessed a notable increase in the jeera sowing area, leading to a record production estimate of 4.08 lakh tonnes in Gujarat alone. Cumin output in Rajasthan increased significantly by 53% as well, helping to double overall production over the previous year.
It is projected that this increase in production will result in a significant increase in cumin exports, which are projected to reach 14–15 thousand tonnes by February 2024. Nonetheless, exports increased significantly in January 2024 when compared to the same month in 2023 and the month before, suggesting a possible rebound and persistence in demand.
