The Jeera market is displaying a complicated scenario; yesterday’s settlement at 25730 showed a significant 1.78% gain, primarily due to growing weather threats in Rajasthan and Gujarat, two important production regions. Market mood has increased due to worries that unfavorable weather conditions will impact yields.
Nonetheless, this good news is offset by the fact that farmers in Gujarat and Rajasthan have increased jeera acreage, which reached a four-year high during the current rabi season. Gujarat has seen an astounding 160% increase in acreage, from 2.75 lakh hectares to 5.60 lakh hectares this year, above average levels.
Likewise, Rajasthan has experienced a notable 25% increase, amounting to 6.90 lakh hectares as opposed to the prior 5.50 lakh hectares. India is expected to have a big crop, but there are still issues like less water available, fewer cold days, and crop disease problems. The demand for Indian jeera has decreased globally as consumers choose cheaper alternatives.
Between April and December 2023, Jeera exports fell by 29.95% as compared to 2022. Though there was a minor decrease from December 2022 to December 2023, there was a noteworthy 51.05% growth in exports from November to December 2023. Prices concluded at 28335.2 Rupees in major spot markets like Unjha, reflecting localized market dynamics with a small increase of 0.01%.
