Jeera prices fell 0.35% to close at 24,405 bags, while daily supply in key market Unjah rose to around 15,000–16,000 bags. According to the current season stock estimate, farmers have more than 35% of this year’s harvest and will have around 20 lakh bags of carryover stock at the start of the next season. Despite the recent price drop, there are still high expectations that Jeera exports will pick up after Diwali. Exports are forecast to touch 15,000-17,000 tonnes in October, with higher growth expected in November and December.
Forecasts indicate less planting this year, a 10% drop in overall production and a 10-15% decline in agriculture in Rajasthan, with the next jeera season starting after Diwali.
India continues to be the world’s cheapest source of Jeera, as its affordability attracts significant demand from major buyers such as China. Jeera was quoted at $3,050 per tonne on Tuesday. This price advantage is expected to support the Indian jeera market – especially over China – due to growing demand from Europe and the Middle East due to geopolitical conflicts that have hampered production in traditional jeera-producing countries like Syria, Iran and Turkey.
Jeera exports have increased significantly this year. From July to September, they increased by 128% to 52,022 MT and from April to August by 61.44%.