Spot turmeric price for all varieties improved by Rs 200 a quintal on Wednesday on increased demand for exports.
“Growers are cautious and are bringing limited stocks. Some 15,000 and odd bags arrived for sale. The share of new turmeric was around 13,000. Farmers are holding back their old crop and if prices increase, they will bring them. Following demand, mainly exporters, prices increased by Rs 150-200 a quintal,” said Mr R.K.V. Ravishankar, President, Erode Turmeric Merchants Association.
Exporters have received fresh orders from some north Indian towns, so they are buying new crop. The futures market remained unchanged. The old crop fetched Rs 4,400 aquintal. Due to its good quality, the hybrid Salem crop increased by Rs 200 a quintal.
Farmers said that harvest of the new crop in Erode district will commence within the next couple of days and they would bring the new crop by the middle of March. They said that they are aware that the old crop price is decreasing due to heavy yield of the new crop. They said if necessary, they will hold back their produce. Out of 15,000 and odd bags that arrived for sale, 60 per cent was sold.
At the Erode Turmeric Merchants Association Sales yard, the finger variety was sold at Rs 2,519-4,299, the root variety Rs 2,509-3,866.
The finger variety fetched Rs 4,159-4,775. The root variety was quoted Rs 3,594 -3,999. Of the total arrival of 3,122 bags, 1,421 were sold. At the Regulated Marketing Committee, the finger variety was sold at Rs 4,089-4,419, the root variety Rs 3,769-4,167. Around 1,131 bags were sold against arrival of 1,400.
At the Gobichettipalayam Agricultural Cooperative Marketing Society, the finger variety was sold at Rs 3,699-4,268, the root variety Rs 3,410-4,019. All the 80 bags kept for sales were sold.
At the Erode Cooperative Marketing Society, the finger variety was sold at Rs 3,118-4,319, the root variety Rs 2,909-4,099. Of 1,200 bags that arrived, 1,131 were sold.