Agri Picks Report July 18, 2023: Geojit

commodities

Geojit's report on Agri Picks

Sentiments were sanguine in the spices complex on NCDEX on Monday with turmeric hitting multi-tear highs. Amidst firm export demand, concerns over crop this season bolstered the yellow spice. In the meantime, jeera futures too rallied, hitting fresh record highs on fall in production. Coriander futures incher higher as well on export demand. However, higher production kept gains under check. India's export of spices in the year ended March declined 8.3% on year to 1.4 million ton, according to data from the Spices Board India. However, in value terms, exports rose 4.7% to 317.6 billion rupees in 2022-23. While exports of most spices fell, those that registered a rise included turmeric, garlic and coriander. Garlic exports rose 159% on year to 57,346 ton in 2022-23. Exports of cumin declined 14% on year to 186,509 ton in 2022- 23, while turmeric exports rose 11% on year to 170,085 tn. India exported 54,482 ton of coriander in 2022-23, up 12%, the data showed. Exports of small cardamom declined 30% on year to 7,352 ton and large cardamom fell 5% on year to 1,884 tn. Exports of chilli in 2022-23 declined 7% on year at 516,185 ton, while pepper fell 18% to 17,958 ton, according to the data. According to Gujarat government's third advance estimates released, jeera production is estimated to fall 9.3% on year to 200,780 tn. Gujarat is the second-largest producer of the commodity. Coriander production is seen to rise 81% on year to 376,090 tn in Gujarat, according to the state government's third advance estimates.

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18072023 - comm