Coriander’s bumper sowing and daily downtrend in futures have resulted in heavy bearish sentiment though the fundamentals of coriander are not so sluggish as of now. Coriander sowing in Gujarat is believed to be doubled. In front of that, Rajasthan and Madhya Pradesh are also expected to have more sowing than last year.
3 million bags of coriander
At present, there is estimated to be 3 million bags of coriander stock in the whole country, of which 0.5 to 0.6 million bags are in Gujarat, 1.2 to 1.3 million bags in Madhya Pradesh, 0.8 million bags in Rajasthan and 0.4 to 0.5 million bags are in other parts of the country.
According to the preliminary estimate, coriander production will be 1550 million to 1600 million bags in the new season. The actual estimate of the coriander production will be available after 1 month as the final data for sowing is yet to come.
Future Scenario
Coriander’s balance sheet is still tight as there is not enough coriander in the market for 2 months before the arrival of the new coriander. Thus, considering Ramzan’s demand abroad, apart from the subscription of 0.1 to 0.15 million bags of tender for Pongal tender, this is a reality.
Coriander will be produced in bumper quantity in the new season, but the carry-forward stock will likely be at most 0.4 to 0.5 million bags. Coriander will need strong reasons other than fundamentals to accelerate due to the spread of a bearish mindset. Having a bearish mood will make it difficult to go on a northward journey.
The Coriander seeds prices were recorded at $1,19 per kg FOB.
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