Throughout the month, the coriander prices remained in a bullish mode due to good local demand. Even after Diwali, the prices remained stable, and towards the middle of the month, they started picking up.
Market Sentiment
Good local demand enabled the prices to stay steady; increased prices were reported for two coriander varieties. One of the main reasons for the constant demand was earlier lower prices for the spice, which led the buyers to become active.
During the early period of the month, the prices for Coriander varieties would have improved further had there been no issue with the availability of the trucks. Due to the lack of trucks during the Diwali festival, no new orders for the spice were possible from the regions of Bihar and Southern India and their respective mills.
Buyers from Bengal and Maharashtra were reported inactive due to the Diwali festival and the unavailability of trucks.
The market also witnessed slowness in the buying activity of the new crop due to the crop’s moisture content between 7 and 9 percent. In the past two months, the heavy rains have increased the moisture content in the new crops delivered to the market.
With the transportation getting back to regular new orders from the South mills started impacting the price positively.
The traders supplying the crop to Bihar, Maharashtra, and Bengal started their purchase. There were reports of buyers becoming active in UP’s spot market like Kota, Gondal, Ramganj as these areas had a good quality crop.
Price Charts
Coriander Eagle 5% Split
| Date | Price |
| November 29 | $1,15 per kg FOB |
| November 23 | $1,16 per kg FOB |
| November 11 | $1,11 per kg FOB |
| November 10 | $1,15 per kg FOB |
| November 1 | $1,10 per kg FOB |
Across the month, for almost all the varieties, the prices were trending up for Coriander. From November 17 to 23 every day, the market opened with a higher price until it dropped on the 29th.
Prediction
The moisture content due to the last few month’s heavy rains is likely to determine the future price and purchase of the crop and the activity in the market. Before the Diwali festival, there was a report of less demand for the Upper-Grade Coriander variety. With the market and the buyers becoming active, it remains to be seen how the crop performs in the coming days.
Farmers are waiting for the prices to go up before releasing their crop to the market since they know the spice production is less, and the prices will increase.
Furthermore, Coriander was fetching a good price to the farmers and traders compared to its prices last year, which increased the crop’s sowing area. However, it remains to be seen how much acreage for the crops will increase after the sowing completes. The sowing has started for the new crop during the last week of October.
According to the market analysts, there has been a significant lowering of the stock for the years 2021-2022. It is estimated the production of the new crop will stand around 342,435 MT compared to last year’s 352,316 MT. This will likely support the coriander prices in the market in the coming days.
For more information, facts and figures, become a member. Click here.
The following reports may be of interest to you: