There is no possibility of increasing the price of cumin to $4,29 per kg, or it is not likely to decrease to $3,68 per kg till the pressure of the arrival of new cumin comes. For the next one and a half months, cumin will remain in the range of $3,86 to 4,11.
Why did prices increase?
Various factors supported the hike in prices. Firstly at the onset of the sowing was less. After that, due to the unfavorable climate, there was a massive decline in the production of cumin, which led to extra cumin procurement by the stockists.
Secondly, in the middle of the season, after heavy purchases by the stockist, a minor variation was seen in cumin seeds for three to four months. As a result, the stockists started selling cumin due to distress, and the pipeline emptied rapidly. After cumin was released from the stockist’s hold, export and domestic purchase came out simultaneously.
Thirdly, due to the complete failure of the cumin crop in Turkey, Syria, Afghanistan, and Iran, except India, the demand for cumin in these countries also increased enormously, and cumin exports increased by 1.25 times compared to what was expected.
A jump of 35%
The export deal of cumin was done on December 16 to 17 for $3280 per tonne. Its price is 4450 (FOB) per tonne. Thus, in just 3 weeks, cumin has seen a rise of $ 1170 per ton, that is, a jump of 35%. Heavy selling by farmers will be seen in the initial stage on the high price of cumin, and if the price is high, then the stockist’s purchase will not be visible in the initial stage. Due to all these risks, now business will be less.
The Cumin seeds grade A prices were recorded at $4,41 per kg FOB
Import/Export Statistics
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