The cumin market has started to witness a slump in the price on November 1. On the following day, i.e., November 2, the price for Cumin stayed steady in the spot markets, but buyers became less active as time progressed.
Last month towards the end, the cumin prices became bullish amidst good demand due to the lower prices. The upcoming Diwali festival also helped with the price hike last month as buyers became active.
However, the lowering of the price has resulted in farmers and stockists refusing to release their produce. Instead, they are waiting for the prices to go up before they start trading.
For the last two years, cumin prices have failed to generate the farmers’ good profits. As a result, most of the cumin sowing farmers have shifted towards cultivating other crops.
As per the market experts, Cumin farmers are likely interested in sowing crops like Fennel, Groundnut, Soyabean, and Ajwain. These crops are expected to give a better return compared to the Cumin seeds.
Gujarat started sowing Cumin from the last week of October. Farmers who are replacing Cumin with other crops have started sowing these crops from mid-October.
It now remains to be seen how the prices of Cumin varieties trend in the coming days.
Cumin A Grade 99% Pure
|November 2||$2,080 per kg FOB|
|October 27||$ 2,089 per kg FOB|
Cumin A Grade 98% Pure
|November 2||$2,000 per kg FOB|
|October 27||$ 2,006 per kg FOB|
Cumin FAQ 99% Pure
|November 2||$1,975 per kg FOB|
|October 27||$ 1,980 per kg FOB|
Cumin FAQ 98% Pure
|November 2||$1,950 per kg FOB|
|October 27||$ 1,953 per kg FOB|
All the varieties of Cumin experienced a price increase on October 26 and October 27 and stayed at the same on October 28. However, since the market was closed for the weekend, the traders came as a surprise as the prices dropped on November 1 and stayed the same as of November 2.
It now remains to be seen, how the prices will be impacted for the spice on November 8, when the market opens after Diwali.
The overall production of Cumin is expected to decrease in the country for the market period 2021 -2022 from last year’s 8.2 million bags to 5.5 million bags, which is about 451,451 MT and 391,801 MT, respectively.
Experts believe that lowering the production can impact the prices of the spice next year. But the market might stay bearish after the Diwali festival.
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