After the weekend, the prices of Cumin dropped considerably for almost all the varieties. However, Cumin A Grade 99% Pure became stable after decreasing from $2,07 per kg FOB to $2,02 per kg FOB. On the other hand, Cumin A Grade 98% Pure closed the market on September 6 at $1,95 per kg FOB after it dropped to that price on September 4 from $1,99 per kg FOB. The story was the same for Cumin FAQ 99% Pure and Cumin FAQ 98% Pure. While the former slipped to $1,94 per kg FOB from $1,99 per kg FOB, the latter closed the market at $1,91 per kg FOB after it decreased from $1,96 per kg FOB.
Despite the price drop, the activity in the market is not that palpable as the farmers are not interested in selling their crops at a lower price. It is also expected that the sowing will be on time for Cumin in Gujarat due to good rainfall.
However, it is anticipated that the Cumin sowing areas will be planted with crops like Fennel, Coriander, Soyabean, Groundnut, and Ajwain as they are believed to fetch higher prices in the market. For the last few years and even this year, Cumin prices have fallen, and the farmers are not getting the expected cost for their crop.
Compared to last year, Cumin production has been less. Last year the show was about 451451 MT, whereas the estimated 2021-22 is 391,801 MT. Despite the lower production and a slump in the price, the Indian Spice Board stated the export of Cumin from India for the year 2020-21 has been up by 40% and has exported about 299,000 tons of the spice.
However, it is expected the price for Cumin might improve as the festival seasons are approaching, and there will be more demand for it within the domestic market.
The following reports may be of interest to you: