Weekly Review-Cumin
19-Oct-2024 07:41 PM
Cumin prices fall: But no possibility of much slowdown
New Delhi. Cumin prices remained soft during the current week. Although the export of cumin during the current financial year 2024-25 has been higher than last year, but due to higher production this year, the supply in the markets remains the same. It is noteworthy that with the improvement in prices, the arrival of cumin in the markets starts increasing. Because farmers have sufficient stock. Due to the slowdown in prices, this year the producers have stopped the stock of cumin. And he is waiting for the price to increase. Because farmers have also seen last year's record price of Rs 640/650 per kg.
During the current week, the spot and futures markets remained sluggish. In the futures market, October's cumin opened at Rs 26690, which after becoming Rs 24860 in the middle of the week, closed at Rs 25500 at the end of the week. After opening at Rs. 25785, cumin of November month became Rs. 24510 in the middle of the week, but at the end of the week it improved and closed at Rs. 25115.
Spot market
However, on one hand, while the export demand in the market remains good, on the other hand, the local trade is getting limited. Apart from this, due to the prices being quoted with a decline in the futures also, the prices of cumin in the spot market have been quoted with a decline of 4/5 rupees per kg. Currently, the daily arrival of cumin has also decreased in other mandis except Unjha Mandi. The price of average quality cumin in Unjha Mandi has come down to Rs. 22500/24500. Sources believe that the prices of cumin should improve in the coming days. Because the prices have come down considerably. Also, the arrival in the mandis has remained low.
Arrival
The arrival of cumin in the main mandi Unjha is of 10/12 thousand bags. While the arrival in other mandis is very low. The arrival in Gondal Mandi of Gujarat has remained 800/1000 bags and Rajkot 1500/1600 bags. The arrival in Merta and Nagaur Mandi of Rajasthan is going on at 800/1000 bags. The arrival in other mandis is also low.
Not much slowdown
Informed sources say that there is no more slowdown in the current prices of cumin. Because the prices are running at the minimum level. Apart from this, it is being estimated that this year the area of sowing of cumin at the production centers will be less than last year. It is worth mentioning that for the year 2024, the area of sowing of cumin in the major producing states Gujarat and Rajasthan was 12.64 lakh hectares, whereas in the year 2023 the area of sowing was 7.73 lakh hectares. Due to low sowing and increasing exports, the prices of cumin may improve in the coming days.
Cumin exports higher
Due to the continued fall in the prices of cumin during the current season, a tremendous increase has been registered in cumin exports. During the months of April-September of the current financial year 2024-25, the export of cumin has been higher than last year. According to the information received, in April 2024, the export of cumin was 41185 tonnes, whereas in the last year 2023, the export was 17169 tonnes. In May-2023, 25975 tonnes of cumin was exported, which decreased to 22885 tonnes in May-2024. In June-2024, the export was 16810 tonnes as against 9829 tonnes last year. In July-2023, the export of cumin was 7994 tonnes, which increased to 20217 tonnes in July-2024. In the month of August, the export was 14372 tonnes as against 7640 tonnes last year. Whereas in September 2024, the export of cumin was 17433 tonnes. In September last year, the export was 7196 tonnes. Due to record rise in prices last year, the export of cumin was affected.
Export in four years
For the last four years, the export of cumin has been declining. According to the data released by the Spices Board, during 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, exports were done of 186509 tonnes. Exports were also badly affected in 2023-24, which recorded a record rise in the prices of cumin in the last season. According to the information received, only 165269 tonnes of cumin has been exported during the year 2023-24. Looking at the export performance so far, the export of cumin during the year 2024-25 (April-March) will be higher than last year.