It has been estimated the turmeric production in India is up by 9.64 per cent compared to last year. This year for the market year 2022-23, the production is estimated to be around 489 thousand MT compared to 446 thousand MT of last year.
Even though most of the market was closed last Saturday for turmeric, the prices are expected to rise or stay firm due to the increase in domestic demand for the crop. Moreover, from September, the market will witness a steady demand due to the festivals. As a result, despite the reports of the damaged crop in Telangana and Maharashtra, the price will be helpful to the traders and farmers.
Moreover, the increase in domestic and export demand will also be beneficial for the crop. Therefore, it is expected that for 2021-22, the ending stock will be 62 thousand MT compared to last year’s 98 thousand MT. This factor will also support the present market price for turmeric.
It has been reported that the sowing for the current year for turmeric is about 12,841 hectares which is less than last year, i.e., 12,367 hectares. Compared to the average sowing of turmeric, which is about 19,551 hectares, it is significantly less this year.
Turmeric Finger (Salem, Double Polished) the market at $1,18 per kg FOB.