The cumin crop has failed in Syria. While in Afghanistan, it has dropped by 40 to 50%, and in Iran, the harvest has ended. As a result, the international cumin market is quite bleak. India is the only place now that can export spice in the world.
Currently, Indian cumin in the market is $2,85 per kg, while Afghanistan cumin is priced at $3,60, Syrian cumin at $3,70, and Iran is spoken for $4,30 per kg.
China’s demand for cumin is currently sporadic due to China having bought 300 containers of Indian cumin in June.
Also, due to the currency problem in Bangladesh, the demand for cumin seeds in Bangladesh has been less visible since May 15. So the pipeline is now empty. On the other hand, the country fulfilled the need for cumin for Bakri-Eid was made from old stock. Now the festival is completed on July 10. After this, Bangladesh’s large-scale order is sure to emerge.
The domestic market demand is looking very good. There is a daily arrival of 7 thousand sacks in Unjha. Furthermore, 15 thousand bags are being traded on the trade board, and counting the outside trade, a total of 20 thousand sacks are being sold.
70% of the new crop of cumin has arrived in the market. Now out of the new crop, only 30 to 40% is left. However, it cannot be traded at the same price because of the quality. The balance sheet is very tight as there are still eight months to complete the cumin season.
The sowing of cumin in the new season is expected to be reduced in a big way. It is due to the very high cotton price to the Gujarat farmers. Based on the current situation, cumin futures will be $3,14 per kg till August 15, which was closed at $2,75 per kg on Tuesday.
The Cumin A Grade 99% Pure prices were Recorded at $2,88 per kg FOB