As we are approaching the year-end and various holiday seasons across the world are around the corner. Many Food companies have started planning to procure various Indian spices. Therefore it is worth talking about the most volatile commodity of this year and that has to be Cumin Seed (Jeera)
Cumin Seed prices have been increasing since the start of 2022 and it has crossed all the predictions of prices by Pandits and Experts.
Our Previous Cumin Reports
We will take a stock of the prices of Cumin Seed across various origins and will try to make sense of what should be expected until the new crops arrive.
This year Cumin crop was 30% less than last year. The decline was caused by a combination of the reasons like a decrease in sowing areas and crop damage due to unfavorable weather conditions. It is worth mentioning there was some carry-over stock from last year and the prices are 60% higher than last year.
Prices were at their peak during April month, and farmers used this opportunity to cover their costs and didn't sell their whole produce in the hopes of better prices in the future. Prices have softened since then and this year's 80% crop has been sold already. While the current price level could incentivize farmers to sow more cumin this year, alternative crops like mustard and oil seeds are also traded at high price levels.
The harvest is expected to finish shortly. Overall good demand will support an upward trend in the coming months. Price was stable during peak harvest season. New crop materials are offered at a higher price of 4000$ FOB with not-so-great quality.
The sowing season was delayed due to cold weather conditions. Farmers switched to other crops, the planted area decreased by around 25% YOY. Harvest is in full swing but the expected volumes are significantly lower than the previous years.
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Suman Exports is one of the biggest exporters and manufacturers of Cumin Seed, Unjha. Please let us know if you have any requirements in Cumin Seed or any other Indian Spices