As a result of greater supply offerings, prices for turmeric recently dropped by -0.39% to settle at 14378. Reports of helpful rainfall for standing crops, which increased farmer confidence, were the main factors in this decline.
However, given that the cultivation of turmeric has declined in regions like Maharashtra, which has caused price trends to be unpredictable and supported by rising prices, the issue is still complicated.
Maharashtra and Telangana are predicted to receive normal to above-average rainfall over the following week, which could promote the growth of turmeric crops. Despite this encouraging trend, there are still just a few sources of turmeric available globally. Prices are under pressure as a result of the muted export inquiries.
Notably, there is expectation of a 20–25% decline in the sowing of turmeric this year across various states. When compared to the same time in 2022, turmeric exports increased by 15.05% from April to July 2023. Exports fell by 24.60% in July 2023 compared to June 2023, indicating some market turbulence.
