The new crop from Bulgaria will start arriving in June-July. According to the current market report, Bulgaria’s new crop is expected to be 60 to 70 thousand tonnes, the same as last year. The new crop will arrive in Russia and Ukraine in July-August, but there is uncertainty about the Russia-Ukraine crop as there are no reports of sowing status here.
Due to drought conditions in Syria, Morocco, and Spain, the coriander crop in these three countries will be significantly less. Also, Morocco is facing the worst drought in 30 years. As a result, the new crop is unlikely to be significant.
Typically 8 to 10 thousand tonnes of coriander is produced in Morocco. Moroccan coriander is in demand in North Africa, the Forest, and Gulf countries. In Spain, there is a drought., But despite that, 2000 tonnes of coriander are expected to be harvested in March due to light rains. Due to drought conditions in Syria, very little coriander is scheduled to be produced. Syria is currently offering coriander at $1,200 per tonne in the international market.
Russia’s coriander is offered in the international market from $1.185 to 1.200 per ton, but no direct payment is available. Therefore, Russia deals with coriander only after advance payment to Turkey’s third party is made. However, there is still uncertainty about the shipment of coriander from Russia and Ukraine. However, the shipment happened even after the start of the war between the two countries. But now there is uncertainty about this, so there have been no deals. Both Russia and Ukraine have the remaining stock of coriander.
Coriander was procured by importers of Dubai before the war between Russia and Ukraine started. Its trade has happened in India in the last two months. It is estimated that 7 to 8 thousand coriander may have been imported into India in the previous two months.
Coriander exports are relatively slow. However, compared to the export of coriander in the previous years, the export of coriander is decreasing very little.
Coriander in the Indian market is currently highly speculative compared to the fundamentals, due to which there is no possibility of a massive bullish-down in coriander.
Coriander prices in India are expected to remain range-bound till the situation of the coriander crop in Bulgaria and the future of the ongoing Russia-Ukraine war remain to be determined.
The future of coriander in the international market is quite uncertain.