Despite the Cumin market having a slump earlier this month, it has revived instantly. According to experts, the Cumin market is likely to stay bullish in the coming days.
Current Scenario
- Gujarat, one of the primary producers of Cumin, is likely to have new crops a month late in the market.
- As a result, the price for the spice is expected to stay up.
- With the decrease of the old stock, the price for the commodity is expected to skyrocket. It will continue until the new crop arrives in the market and caps the price.
- The farmers reduced the sowing of the crop since last season since the commodity didn’t fetch a reasonable price.
- As per Gujarat Agricultural Department so far, till January 3, 34.12 per cent of the harvest of Cumin has been completed. It is about 159,100 hectares. However, it is reported the sowing was done only for 307,100 hectares.
- This is a significant drop compared to last year’s sowing area, about 466,200 hectares.
- The late harvesting of the crop will result in the new stock arriving in the market late, around March or early April instead of February.
- In the Rajasthan spot market, the new crop will arrive in March.
- Due to the high price, the activity in the market is a bit slow.
- Alongside, the scarcity of containers leads to a decline in the transportation of the commodity.
- There is also the concern of meeting the export demands due to the container shortage and the ocean freight prices increasing by five times.
- While India, Turkey, and Syria were known for their Cumin production, countries like Afghanistan and Iran are becoming players in the international Cumin market.
- Typically, Turkey and Syria produce 35 thousand tons of Cumin, but their quality is lower than Indian Cumin.
Arrivals
In Unjha, the benchmark of the Cumin spot market has reported having received only between 150- 200 bags of new crop out of the total arrival of 12 to 15 thousand bags.
Prediction
It is expected that the new crop arrival in the market will not put much pressure on the prices since the overall production of Cumin has gone down.
Price Trend
The current price of Cumin has increased by $2,00 to $2,67 to reach $48,65 to $49,45 per 20 kg bag.
Before this, there was an increase in the price by $1,34 to $2,00 per bag.
Price
Cumin A Grade 99% Pure
| Date | Price |
| February 9 | $2,29 per kg FOB |
| February 7 | $2,28 per kg FOB |
| February 3 | $2,26 per kg FOB |
| February 2 | $2,27 per kg FOB |
| February 1 | $2,28 per kg FOB |
| January 31 | $2,27 per kg FOB |