Commodity Tips, A tale of two spices: Jeera, coriander see divergent trend
Two major spice commodities are set to witness a contradictory price trend this year.
Buoyed by the higher prices of last year, farmers in Gujarat turned to jeera (cumin seed) from coriander, resulting in a sharp rise in jeera acreage and almost an equal decline in the coriander sowing.
As a fallout of higher acreage, jeera prices are set for a slide, while lower acreage is set to trigger a rally in coriander prices making it one of the potential spices for attractive returns, trade sources revealed.
On the spot markets across the State, jeera prices were at ₹175 per kg and on the National Commodity & Derivatives Exchange prices were ruling at ₹16,500 a quintal for March delivery.
“Jeera prices had averaged at around ₹180 a kg last year. Coriander was fetching ₹45 last year, which prompted many farmers to switch to jeera, resulting into about 35 percent increase in the acreage for jeera and almost an equal decline in coriander acreage,” said Arvind Patel, former Chairman of the Unjha APMC.
According to farmer estimates, jeera production in Gujarat was estimated at around 2.75 lakh tonnes (approximately 50 lakh bags weighing 55 kg each) last year, which is likely to touch 4.12 lakh tonnes this year.