Weekly Review-Cumin

24-Aug-2024 05:39 PM

Fall in Cumin Prices: No Rise Chances Right Now

New Delhi. During the current week, spot and futures prices of cumin fell. It is worth mentioning that during the current season, due to higher production in the country, the supply of cumin in the markets has remained the same, while the local is 3610 less. Export trade is also limited. Because due to the arrival of new crop abroad, cumin exports have increased compared to last year. Sources believe that there is no possibility of a rise in cumin prices in the near future. Because farmers also have good stock at the production centers. With the improvement in prices, the arrival of cumin in the markets will start increasing. Due to which there is no possibility of much rise in prices. It is worth mentioning that this year the production of cumin in the country is coming more than one crore bags, whereas last year the production was 55/60 lakh bags. Not only in the country but also abroad, there are reports of more cumin production this year compared to last year.

Spot Market

Due to weak demand last week, the price of cumin was quoted at a low of Rs. 800/1000 per quintal at the mandis of production centres as well as at consumption centres. In the main mandi Unjha, the price of cumin has come down from Rs. 24000/30000 to Rs. 23200/29000 depending on the quality. While in Gondal mandi, the price was quoted at Rs. 22000/24000 at the end of the week with a decline from Rs. 23000/25000. The price of cumin in Nagaur mandi of Rajasthan is being quoted at Rs. 22000/23800 at the end of the week. While the price opened at Rs. 23000/24500 at the beginning of the week. The prices were also quoted at a low of Rs. 1000/1500. In Merta, Naukha, Jodhpur mandi, the prices were also quoted at a low of Rs. 1000/1500.

Not much slowdown

Traders believe that much slowdown is not possible in the current prices of cumin but this does not mean that prices will rise. Sources say that during the months of September-October, the prices of cumin will continue to rise or fall by 5/7 rupees per kg. In case of reduction in sowing at the production centers for the upcoming season, the market may rise. Otherwise, there is not much rise in prices. Due to low prices, the daily arrival of cumin in the markets is also weak. Currently, the arrival of cumin in Unjha Mandi is 6/7 thousand bags, whereas in Gondal and Rajkot, the arrival is 800/1000 bags. In Jodhpur Mandi of Rajasthan, the arrival has remained 200/300 bags and in Nagaur 100/200 bags. In Merta and Nagaur, the arrival is 1000/1500 bags.

Exports

Due to low prices during the current season, cumin exports have increased during the first three months of April-June of the year 2024-25. According to the information received, during April-May 2024, the export of cumin was 61463.38 tonnes, whereas in April-May 2023 last year, the export was 42988.50 tonnes. After high exports during April-May, cumin exports also stood at 16624.46 tonnes in the month of June, whereas in June-2023, the export was 10411.13 tonnes. It is noteworthy that a decline in cumin exports has been recorded for the last four years. According to the information received, in the year 2020-21, the export of cumin was 298423 tonnes, which came down to 216971 tonnes in the year 2021-22. In the year 2022-23, the export was 186509 tonnes. Due to record rise in cumin prices in the last season, the export of cumin fell to the lowest level in the last 6 years. And in the year 2023-24, the export has come down to 165269 tonnes. Looking at the current situation, the export of cumin will definitely increase during the current financial year 2024-25.