The boom in fenugreek is continuously increasing, and in the 2023 season, there are clear indications of a historical hike in fenugreek, like cumin. There were predictions of an increment in fenugreek in July, and that gain appeared till January.
Farmers reduced sowing
In Madhya Pradesh, Rajasthan and Gujarat, farmers have reduced the sowing of fenugreek due to high prices of wheat, linseed, and other crops. Fenugreek sowing has decreased by 40% in Madhya Pradesh and 50-50% in Gujarat and Rajasthan. Reports of the fenugreek crop condition are coming from all three states. In most areas, 15 to 20% less yield is visible due to lack of cold.
Price may increase
The price of is expected to increase in the new season. In Gujarat, fenugreek’s cost has risen significantly in the last 2 days. The two contributing reasons for a hike are fundamentals and speculative. There is no export or domestic demand for fenugreek, yet such a vast boom has been seen. Due to the purchase of fenugreek by many speculators who earned in the rise of cumin, such a rapid rise has also been witnessed in fenugreek. And as there is bumper sowing of coriander in Gujarat, there is talk of a 20 to 25% reduction in the sowing area of fenugreek in the current year.
According to market reports, the sporadic arrival of new fenugreek will start after February 15, but the pressure of new arrival will be visible in April. Thus, looking at the current scenario, market experts believe that fenugreek will likely rise in the coming days.
The Fenugreek seeds 99 prices were recorded at $0,91 per kg FOB.
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