The coriander market is currently in a state of suspense, with the absence of rain in Madhya Pradesh casting a shadow of uncertainty. While other Kharif crops like soybeans and maize thirst for water, the coriander situation remains balanced for now.
Rain is the ace up coriander’s sleeve. Without timely rainfall, the cultivation of this spice could take a significant hit. It’s now a waiting game for showers to determine coriander’s fate. In Madhya Pradesh, Guna and Kumbhraj are thriving in the coriander trade, but the same cannot be said for other markets. The state manages to produce a daily average of 10 thousand bags.
The long-term decline in coriander prices is expected to continue. A recession is unlikely, but coriander’s fate remains hinged on developments post-September 15. A short-term price reduction is anticipated in the coriander market. However, with Diwali on the horizon, prices may bounce back.
Staggering decline in Iran
Iran’s coriander production has plummeted by a staggering 70 percent this year, driving up prices by 25 to 30 dollars per ton compared to Indian coriander. An unusual twist, given that Iranian coriander prices typically undercut India’s. Recent international market shifts have seen Russian coriander sold at a mere $635 per ton, challenging India’s export demand. However, ongoing shipment delays from Russia are causing ripples in this competition.
Export demand for Indian coriander is poised for an upswing due to the persisting delays in Russian coriander shipments. Iran’s declining coriander production is also contributing to this resurgence. Coriander stockists typically seek coriander in May for September demand. However, with the decline in Iran’s coriander production and Russian shipment delays, this usual trend is experiencing disruptions.
Rain needed
The absence of rain in India for the past 30 to 40 days has put coriander’s Rabi crop in jeopardy. Satisfactory rains in the coming days will be crucial for coriander sowing. This year, coriander ranks as the lowest yielding among winter crops.