Jeera prices increased by 1.61% to reach 29610 in response to strong export and domestic demand as well as limited worldwide supply. Farmers holding onto their stock in anticipation of higher prices added to the rising momentum. The upside potential is, however, constrained by projections of increased output, which may drive prices lower.
This season, there is expected to be a 30% increase in jeera production due to a significant increase in cultivation area, especially in Gujarat and Rajasthan. The output of cumin has increased significantly worldwide, with China spearheading the increase, which has tightened global supplies.
Increased output is expected in nations like Syria, Turkey, and Afghanistan despite the previous season’s high costs. Prices are predicted to be affected, particularly at higher levels, by this inflow of fresh supply and the decline in export trade. The expansion in sowing areas in important cumin-producing regions of India, like Gujarat and Rajasthan, indicates an increase in productivity, leading to record-high production levels.
Trade analysts predict that the jump in production will lead to a significant increase in cumin exports, which might reach 14–15 thousand tonnes by February 2024. However, export data from April to March of 2024 shows a 13.53% decrease over the same period the year before, underscoring the difficulties brought on by volatile domestic prices.
