The anticipated fresh entrants from the Marathwada region of Maharashtra are the main reason behind yesterday’s –0.87 % decrease in turmeric prices, which closed at 19,386. Due to below-average supply and strong festive demand, the negative effects were, nevertheless, minimal.
Major fresh crop arrivals were reported in several regions, including Nanded, Nizamabad, and Erode, in the market. These reports represented a 25% increase over the previous week. Despite this, the Ministry of Agriculture and Farmers’ Welfare has released its first advance estimate for 2023–24, which indicates that total turmeric production will be less than in the previous year.
When comparing April to January of 2024 to the same period in 2023, there was a 3.52% decline in turmeric exports and a 22.34% decrease in imports. Even still, there was a minor decline in exports when compared to January 2023, and a slight increase in imports when compared to December 2023 in January 2024.
