Turmeric prices fell -0.77% to $13420, with the slow buying activity leading to stock releases prior to the arrival of the fresh crops in January 2024. Nevertheless, the possibility of yield losses from unfavourable weather limits the downward pressure.
The current crop conditions are favourable, and the harvest is anticipated to take place in January or March. The IMD’s prediction of drier-than-normal October weather could have an effect on crop growth, although price stability is anticipated to be maintained by continued demand and dwindling supply.
Due to increased demand in developed and emerging countries, export opportunities have expanded, resulting in a 25% increase in exports. Anticipations of a 20–25% decrease in turmeric seeding, particularly in Telangana, Andhra Pradesh, Tamil Nadu (NS:TNNP), and Maharashtra, suggest that farmers’ priorities are changing.
Comparing April to August of 2023 to the same period in 2022, the amount of turmeric exported increased by 11.51% to 82,939.35 tons. However, compared to July 2023 and August 2022, exports decreased by 18.20% and 6.67%, respectively. Turmeric ended the day at 13551.95 Rupees, up 0.79%, in Nizamabad, a major spot market.