The fundamentals of cumin are powerful, and due to this, there is a chance of a minor correction in cumin, but now there is no chance of recession. Presently, there is a good demand in Gulf countries.
Current Scenario
On the first day of Gulf Food, the price of $3550 to $3600 per ton was being spoken, and very little business was conducted. However, on the second day, $3700 per ton was quoted; thus, trade took off on the second day. On the third day, due to the fast circuit in cumin futures, the price was $3800 per tonne, and the inquiries from the buyers of all the countries were reasonable.
March will remain important for the cumin market because 30 to 40% of farmers will come to sell when the new cumin is extracted from the field due to a lack of holding capacity. The arrival of fresh cumin will increase, and the demand for domestic and export will also initiate, due to which there is no possibility of a heavy recession.
Earthquake effect on the cumin-growing areas
Due to earthquakes in the cumin-growing areas in Turkey, the sowing of cumin will reduce on a large scale, whereas in Syria, cumin decreases yearly. Further, due to the shortage of wheat in Afghanistan, there is a belief that more wheat is being sown instead of cumin. And therefore, due to the weakening of the cumin sowing condition in other countries, there is an assumption that a new high price of cumin will be seen in the new season.
Therefore to bring things to an end, according to market veterans, there is no possibility of a further decrease in the price of cumin as the stockists have already started buying it.
The cumin seeds grade A prices were recorded at $3,90 per kg FOB.