Prices for Turmeric Dropped on News of Increased Sowing

The price of turmeric plummeted by 4.64% to reach 16,138 on the heels of reports of heightened seeding activity. Fair pricing encourages farmers, which is expected to cause a boom in turmeric growth throughout the main producing states. Turmeric planting is expected to increase by 30–35% in Maharashtra, Telangana, and Andhra Pradesh, although it is said to have doubled in the Erode region from the previous year.

Due to this notable increase, the sowing area is predicted to rise from 3–3.25 lakh hectares last year to 3.75–4 lakh hectares this year. Due to unfavorable weather circumstances the year before, turmeric production was anticipated to have been reduced to 45–50 lakh bags, with an exceptional stock of 35–38 lakh bags.

This season’s enhanced seeding notwithstanding, the anticipated yield of turmeric is estimated to be between 70 and 75 lakh bags, with no stock left over. As a result, it is expected that there will be less turmeric available than would be consumed in 2025, which could result in more competitive market circumstances.

Turmeric exports are declining, according to export data; in April 2024, 14,109.09 tonnes were exported, a 19.07% decrease from March 2024 and a 27.98% reduction from April 2023. On the other hand, imports of turmeric increased dramatically; in April 2024, 3,588.11 tonnes were imported, up 192.36% from March 2024 and 570.31% from April 2023. Prices in Nizamabad, a significant spot market for turmeric, concluded at 17,475.75 rupees, indicating a 1.5% decline.

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