Indian Agri Market Snapshot :
Domestic agri markets likely to trade volatile on back of new arrivals of rabi crops, recent changes in the climates and outcomes of the arrivals data. Demand for domestic and export markets likely to pick up as new crop arrivals will start rising in coming days in mandis. Recent weather report outcome shows prospects of rains in areas like North, North West & Central India are high which could adversely impact the rabi crop and the prices of the commodities also.
Recent developments of adverse weather impact, positive outcome from the Union budget, new arrivals in rabi crop and pick up in domestic demand on back of summer festivals – has lift the prices of various commodities from the lower levels strongly.
Cumin Seed or JEERA
Prices of Cumin seed & Coriander has shown an uptrend in Agri markets during the week ended on 11th March on back of adverse weather caused by Western disturbance. India is major producer and exporter of spices. Export data from Spice Board of India shows increase of 9% during 2014-15 to 8,93,920 tons as compared to 8,17,250 tons a year earlier.
Jeera prices on NCDEX March contract may see prices upwards on back of unseasonal rain, which adversely affected the report of crop damage in some regions of Gujarat (including Saurashtra) and Rajasthan. During last week in spot market moderate demand has seen from the stockiest which has supported the prices on the lower levels. Moreover, the production in Syria (second largest producer of cumin seed) and Turkey (third largest producer) is expected to be low by nearly 15% due to geo-political tensions which would led to positive sentiments in Jeera Market domestically in coming months on prices front.
Daily fresh arrival of 27,000 bags has been reported in Unjha market. However, overall output is expected to be higher than previous year, which would cap the prices of Jeera on higher levels.
During last week prices of coriander has seen uptrend on back of crop damage report and fresh demand in the sport market. Buyers from different mandis like Kota, Ramganj and Gondal has seen active due to good quality new supply coming to the markets. Fresh arrivals in Kota- Rajasthan and Gondal – Gujarat has seen total arrivals of 920 and 376 quintals respectively.
Coriander prices to remain positive in coming weeks due to limited supply of new crop would attract good buyers; reports of unseasonal rainfalls, and demand from end-user industries of quality produce may support the prices on the lower sides.
Prices of Coriander have also seen uptrend in last week on back of unseasonal rains, which would have damaged some of the crop.
Key Points to Watch Out in Coming Week for Price Variations:
- Unseasonal Rain – Effects and Crop Damage outcomes.
- Arrivals of fresh crops in Mandis.
- Export demand in International Markets.