Fenugreek Market: Rising Challenges and Future Projections

Fenugreek Market: Rising Challenges and Future Projections Market Crisis and Closed Ports: Impacts on Fenugreek Shortex

Mintec Global
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In the realm of Fenugreek trading, a bumpy road lies ahead. The market veterans predict a potential decrease in the absence of export demand while anticipating a subsequent rise in July. The fixed demand for fenugreek remains elusive, leading to prices ranging from $0,72 to $0,75 per kg in Madhya Pradesh shops. 

The fenugreek crop in Pakistan mirrors last year’s figures, but its prices are lower than India’s. The diversion of demand from Muslim countries to Pakistan has caused a decline in India’s fenugreek exports, dealing a severe blow to the market. The current year witnesses a reduced crop yield, and daily arrivals include 7000 bags in Madhya Pradesh, 3000 bags in Rajasthan, and 1000 bags in Gujarat. Of the total fenugreek crop arrivals, 30% has been processed, while the remaining 30% is held by stockists. A turbulent phase in the agricultural commodity market has led to reduced purchases, exacerbating the decrease in export demand caused by the closure of African ports. Consequently, the price of fenugreek shortex has plummeted to $0.81 per kg, after reaching $3.28.

A glimmer of hope emerges with the potential for export demand. If realized, an immediate increase becomes feasible. Additionally, the onset of the monsoon in July brings the possibility of a rise in fenugreek prices, driven by the demand for pickles. Experts predict that the recession in fenugreek short costs will not exceed $0.79 due to the decreased crop yield across states this year. Furthermore, the price is expected to rise to $0.91 by Diwali. With 50% of the fenugreek crop already in the market, there is a nine-month gap before the new season starts, resulting in arrivals based on price reductions. The market holds its breath, awaiting the inevitable twists and turns of this aromatic spice’s journey.

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