Prices for turmeric jumped by 4.54% to 14,034 as a result of worries about possible production losses brought on by adverse October weather. IMD predicts that October will be drier than usual, which could have an effect on agricultural growth. The current crop conditions are still excellent, and harvest readiness is anticipated from January to March, so this price surge is, nevertheless, slightly restricted.
A number of factors seem to be supporting the market despite the recent price increase. Prices are stable because there is still a lot of buying activity and fewer supply. With a 25% growth in exports to both developed and emerging countries, turmeric’s export prospects have greatly improved.
The anticipated 20–25% drop in sowing, particularly in areas like Maharashtra, Tamil Nadu (NS:TNNP), Andhra Pradesh, and Telangana, is one significant factor influencing this year’s turmeric production. Planting has decreased as a result of farmers’ changing priorities.
Recent export data shows that between April and August 2023, turmeric exports increased by 11.51% over the same period in 2022. But August 2023 saw a decline with 11,322.58 tons exported, a fall of 6.67% from August 2022 and 18.20% from July 2023.
