The downward spiral continued for Cumin on Monday, September 15. Last week the price for Cumin A Grade 99% Pure plummeted to $ 2,08 per kg FOB from $2,12 per kg FOB. On Monday, it decreased to $2,04 per kg FOB. The trend was similar for other varieties like Cumin A Grade 98% Pure, Cumin FAQ 99% Pure, and Cumin FAQ 98% Pure.
The lower prices of the cumin varieties did make the buyers active on the spot market. However, it was not that impactful to increase the price. As a result, Cumin A Grade 98% plummeted to $1,97 per kg FOB from $2,01 per kg FOB on Monday. Similarly, Cumin FAQ 99% Pure decreased to $1,95 per kg FOB from $2,00 per kg FOB and Cumin FAQ 98% Pure closed the market at $1,92 per kg FOB after falling from $1,97 per kg FOB.
Due to the lower prices in the market, cumin farmers are not eager to release their produce. However, it is expected that in the coming days, the market might get better for cumin seeds with increased festive demand from Gujarat and Rajasthan.
The lower prices of Cumin and increased demand for Soyabean Groundnut, Ajwain, Coriander, and Fennel have resulted in the farmers’ sowing of the later products more by the farmers than Cumin. Therefore, it is expected that most cumin farmers will shift towards sowing these latter crops because they are yielding higher prices.
It has been estimated that the cumin production for 2021-22 is about 391,801 MT, which is relatively less than last year’s production, which was 451,451 MT at 7.1 million bags each at 55 kg.
On Monday, Unjha market received 7000 bags, and Rajkot had 2000 bags of Cumin.
The NCDEX future of the cumin seeds stayed low on Monday, which was a concern for the traders and farmers of the product.