This was witnessed as taking place over the last fortnight, mainly due to uncertainty over the outlook for the country’s 2018 cumin seed crop and price dynamics, Olam Spices & vegetable Ingredients said in an October 25 market report.
Trades in the physicals market are being kept on hold by buyers as a result of declining prices. Moreover, demand from the export and domestic sides, “is not up to the mark”, the report observed.
Olam Spices finds that arrivals stabilised in the last fortnight to around 160-180 tonnes of cumin seed daily in the Unjha market.
“Recent rains in Gujarat and Rajasthan have fuelled the sentiments of ‘more than normal sowing’ in cumin and the effect is apparent in physical and futures trade,” the company added.
Olam’s near term view
The company feels that prices are likely to be range bound between INR165-170 (USD2.46-2.54) per kilo for 98% purity cumin seed for the near term.
It suggested that recent favourable rains across growing areas might affect the price sentiments on better crop prospects for 2018.
Sowing might start in the first week of November.
Olam listed farm grade cumin seed at INR158/kg.
Other indications were as listed below:-
- Grinding quality of 96% purity: INR164/kg
- 98% pure Singapore machine cleaned: INR172/kg
- 99% pure Singapore machine cleaned: INR173/kg
- 99.5% pure Singapore machine cleaned: INR176/kg
- 99.5% pure Europe machine cleaned: INR180/kg
- 99.5% Europe sortex cleaned: INR187/kg
- 99.5% Europe sortex cleaned and allergen free: INR194/kg
99.5% Integrated Pest Management and allergen free certified: INR198/kg.