The gain of 0.75% in turmeric prices, which settled at 13950, was mostly caused by worries about possible yield losses from adverse weather. The upside is constrained, though, as improving crop conditions are a result of better weather.
Between January and March is when harvest readiness is anticipated, yet crop growth may be impacted by the IMD’s dry predictions for October. In spite of this, price stability is anticipated to be maintained by existing purchasing activity and declining supplies.
The market is also being supported by better export prospects; a 25% rise in turmeric exports is attributable to growing demand in developed and emerging countries. Due to farmers’ priorities changing, it is anticipated that turmeric sowing will decline by 20–25%, especially in regions like Maharashtra, Tamil Nadu (NS:TNNP), Andhra Pradesh, and Telangana.
Compared to the same time in 2022, there was an 11.51% increase in turmeric exports from April to August of 2023. But compared to July and August of 2022, shipments decreased in August of 2023, indicating volatility. Turmeric prices in Nizamabad’s main spot market fell by -0.72% to 13620.2 Rupees.
