The price of turmeric fell -0.28% to ₹16,400, primarily due to reports of heightened seeding activities in major producing regions. Prices have been pressured lower by reports of increased sowing quantities, especially in Maharashtra, Telangana, Andhra Pradesh, and on the Erode line, where seeding is said to be double that of the previous year.
India’s turmeric seeding is predicted to rise from 3–3.25% of hectares last year to 3.75–4 lakh hectares this year. All the same, farmers are holding onto their inventories, hoping that supply constraints in the upcoming year will drive prices higher. As a result, the drop in prices is minimal.
Because of adverse weather conditions last year, turmeric production was only anticipated to have produced 45–50 lakh bags, with an outstanding stock of 35–38 lakh bags. The forthcoming crop is anticipated to yield between 70 and 75 lakh bags, with no excess stock, despite the higher seeding this season. This indicates that the supply of turmeric may still be insufficient to meet demand by 2025.
In terms of exports, compared to the same time in 2023, turmeric exports during April-May 2024 decreased by 20.03% to 31,523.94 tonnes. Nonetheless, imports increased by 417.74% in the same time frame, indicating a change in the dynamics of the market.
