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Indian Spices Market Report- September 2020

Chilli


Crop & Market Scenario

  • Market arrivals and sales have picked up since August, with relaxation in lockdown
  • Good demand from both export and domestic markets, coupled with the tighter availability of quality materials have resulted in a price correction
  • Stocks in cold storage are depleting fast. Total stocks across trading is expected to be around 1.44 Crore bags of 30-35 Kg net and most of it belongs to farmers
  • Crop is at sowing to vegetative stage in major growing states of Andhra, Telangana, Karnataka and Tamil Nadu
  • All major growing areas have received normal to excess rainfall in this season and heavy rains in the first fortnight. This has damaged 20 - 30% of chilli nurseries in some areas
  • Crop is at 30 - 45 days after sowing and transplants have been delayed in many places due to continuous rains, followed by high temperatures during the day
  • As per preliminary estimates, the chilli growing area is expected to go up between 10 to 20%
  • Madhya Pradesh crop is at flowering to fruit formation stage. The area is up by 10 - 15% and is expected to enter markets starting at the end of October

Near Term View

Prices are expected to be firm and should correct depending on the availability of quality material

Major Varieties Price Trend - Guntur Market

Factors to Watch

  • Pipeline stocks at consuming centers
  • Demand from export and domestic markets
  • Weather conditions

Turmeric


Crop & Market Scenario

  • Turmeric sowing is nearly complete across origins
  • The major growing regions have received good rainfall in the last couple of weeks, which is favorable for the standing crop
  • Arrivals have improved across origins, especially in Marathwada markets
  • The prices rallied up 3 - 4% during the second half of August. However, it has corrected down by 2%, due to lack of aggressive buying interest at higher price levels
  • Climatic conditions until October and crop yield should be monitored

Near Term View

  • Better to cover the near-term exposure at current levels or on any further dips in price levels for quality stock

Cumin


Crop & Market Scenario

  • Daily arrivals are at 500 - 600MT in the Unjha market
  • The key cumin growing regions are experiencing normal to excess rainfall
  • Export and domestic demand were weak during the last few weeks
  • Market is at multi-year low, so there is limited downside
  • EU pesticide compliant cumin availability is limited
  • Conventional prices are expected to remain stable

Coriander


Crop & Market Scenario

  • Premium grade Indian coriander availability is limited
  • Cumulative rainfall has been favorable in key growing regions except for a few districts, which are in deficit
  • Sowing intentions of farmers and the potential switch from coriander to other competing crops should be watched next season
  • Eastern European coriander prices have softened as the new crop harvest has started arriving in markets
  • Indian coriander prices are expected to remain stable

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