Weekly Review- Coriander

31-Aug-2024 06:33 PM

No possibility of slowdown in Coriander prices

New Delhi. Coriander prices improved during the current week. However, due to Janmashtami festival, most of the markets in Gujarat were closed due to holiday. But trade was smooth in the markets of Rajasthan and Madhya Pradesh. Due to the considerable decrease in prices, the trade of coriander was good at the reduced prices. Due to which the prices have also been quoted strongly. Sources believe that now there is no possibility of slowdown in the prices of coriander. Prices are likely to rise if the demand increases in the coming days. Traders say that soon the arrival of soybean will start increasing in the markets of major producing states Madhya Pradesh and Rajasthan. Due to which the arrival of coriander in the markets will decrease. Which will have a bullish effect on the market.

Slowdown-Business

Knowledgeable traders say that due to the opening of Gujarat markets after a week, the arrival in the markets will be good in the coming week. Apart from this, farmers of Madhya Pradesh and Rajasthan will also bring more goods to the mandis to lighten their stock. Due to which the prices of coriander fall by 100/200 rupees in the beginning of September. But due to less arrival in the month of October, sowing at the production centers is also likely to be less than last year, due to which the prices of coriander are expected to increase by 800/1000 rupees per quintal in the months of October-November. It is worth mentioning that due to low prices in the current season, the sowing of coriander is likely to be less for the coming season at the production centers. Sources believe that if the sowing is equal to or more than last year, then there is no possibility of a rise in prices. Because at present the stock of coriander at the production centers is sufficient. Apart from this, imports are also taking place.

Income increased in Madhya Pradesh

During the current week, an increase in the daily arrival of coriander has been recorded in the mandis of Madhya Pradesh. Sources say that farmers have started reducing coriander stock to stock soybean and maize. Due to this, the arrival of coriander has increased to 4500/5000 bags in Guna Mandi and 1500/1800 bags in Neemuch Mandi. Arrival in Kumbhraj Mandi has increased to 1000/1500 bags. Mandsaur Mandi is also getting 700/800 bags. Apart from Madhya Pradesh, the arrival in Ramganj, Kota and Baran Mandi of Rajasthan was also more than the previous week.

Sowing expected to decrease

Looking at the current market conditions, it is expected that the sowing of coriander is likely to be affected for the second year in the major producing states Madhya Pradesh, Gujarat and Rajasthan. Sources say that due to low prices of coriander, farmers will give priority to sowing of gram, mustard etc. It is noteworthy that in the year 2023, coriander has been sown on about 5 lakh hectares in the country and the production was more than 1.5 crore bags. Whereas for the year 2024, the sowing area was 3.60/3.70 lakh hectares and the production was considered to be 1/1.10 crore bags.

Import

Despite sufficient production of coriander in the country, importers import coriander from abroad. Due to the low quality of coriander abroad, the prices remain cheap. Most of the imported goods are consumed in mixing. It is noteworthy that during the year 2022-23, 31383 tonnes of coriander was imported. Whereas in the year 2023-24, 28828 tonnes of coriander has been imported. Even during the current season, coriander is being imported from Russia recently and the price of imported goods is being quoted at Rs 6500 at Mumbai Port.

Export

During the year 2023-24 (April-March), the record export of coriander was 108624 tonnes. But during the first three months of the current season 2024-25, April-June, a decline in coriander exports has been recorded. According to the information received, during April-June - 2024, the export of coriander was 17029.32 tonnes. Whereas in April-June - 2023 last year, the export was 49173.73 tonnes.

Futures Market

During the current week, the prices of coriander were quoted sharply in the profit market. In futures, coriander for the month of September closed at Rs 6950 after opening at Rs 6760. Whereas coriander for the month of October opened at Rs 6870 at the beginning of the week and closed at Rs 7100 at the end of the week.