Last month, i.e., September, Coriander had a mixed market with quite a few falls in the price. However, the month of October was a different story for the crop. While the market remained steady with few increases in the price, only twice did the crop experience a price drop.
On October 12, the price fell for all the varieties, i.e., Coriander Eagle 5% Split, Coriander Eagle 100% Spilt, Coriander Single Parrot, and Coriander Double Parrot.
Coriander Eagle 5% Split, decreased from the month’s highest recorded on October 6 at $1,12 per kg FOB to the second-lowest price at $1,08 per kg FOB. The decrease continued on October 13 to the month’s lowest price at $1,07 per kg FOB. The situation is the same for Coriander Eagle 100% Spilt, which decreased from the month’s highest at $1,08 per kg FOB to $1,045 per kg FOB to the lowest on October 13 at $1,040 per kg FOB.
Both Coriander Single Parrot and Coriander Double Parrot experienced the price drop only once on October 12 from $1,30 per kg FOB to $1,26 per kg FOB and $1,45 per kg FOB to $1,41 per kg FOB, respectively. These two varieties recorded the lowest price of the month on October 12 and stayed steady at that price until it increased to $1,30 per kg FOB and $1,45 per kg FOB, respectively, on October 18. So far, the prices have been staying steady for these two varieties since then.
The price for Coriander Eagle 5% Split, and Coriander Eagle 100% started improving from October 14 and then October 19. On these two dates, Coriander Eagle 5% Split increased from $1,07 per kg FOB to $1,080 per kg FOB on October 14 to $1,085 per kg FOB on October 19. Similarly, Coriander Eagle 100% had a price hike on October 14 to $1,045 per kg FOB from $1,040 per kg FOB, and then on October 19, the price rose to $1,050 per kg FOB from $1045 per kg FOB.
The price drop earlier this month was believed to be caused due to the lesser demand for the spice, and there are no advance deals for the crop. It is reported that the advance deal for Coriander this season is 35 to 40 percent less compared to last season. Also, despite the arrival being limited in the markets, it is still higher than the demand, which is also causing the price drop for Coriander. Therefore, the demand for Coriander from retail stores, mills from South India, and even Bengal and Bihar are less, causing the price drop.
The expectation that the buyers will be active due to the lower price has proved to be wrong for the coriander market this festive season.
The production of Coriander is expected to be less for the market year 2021-22 as per the market analysts. Compared to last year’s production of 352,316 MT for the year 2021-22, the production is estimated to be around 342,435 MT.
Market analysts stated that compared to last year, the trading price for Coriander is higher this year, and this may increase the sowing area for the crop this year. The picture of the increase in the sowing area is expected to get clear by the end of October when the sowing will start.
Now the price remains steady and is expected to go up as experts believe that the excellent production of crops this year will benefit the farmers and traders with better prices than last year, and this slump in coriander prices is temporary.
There are also reports that there is a good demand for upper grade and unclean varieties of coriander seeds, and mills have started buying the crop again. Though retailers in Rajasthan have halted their purchase, for the time being, demands for the spice from the south of India have been witnessed again. The traders and stockists from the South of India are being recorded, but the new order is expected to arrive only after Diwali from the region.
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