Dt: 30th Sept 2019
Widespread rains in Sauarshtra (Gujarat) , MP, UP and some parts of Rajasthan cause damage to many standing crops like Sesame, Bajra, and Cotton. We are hearing of highest rains in September in last 100 years for India.
Cumin: Current rains and waterlogged farms along-with expectation of more rains is not conducive for cumin sowing. This fear has increased markets today.
Two scenarios can play out:
1. Rains continue for few more days and really farmers avoid cumin crop. Market continues to strengthen with buyers joining the purchase who had sidelined considering good new crop anticipation.
2. Rains stop after next 2-3 days and good sunshine prevail drying the fields. Since monsoon / Kharif crop got damaged, more cumin sowing done considering this will fetch farmers better returns of missed / damaged monsoon crop.
Sesame: Initial reports suggest 30-50% damage to standing crop at all centers. All sellers withdrawn!
Dt: 23rd Sept 2019
Indian stock market saw the 2nd highest intra day rise on 20th Sept after the finance minister cut corporate tax to 22%. Even today markets are cheering that decision considering the finance minister is doing everything to get the economy back on high growth.
Cumin Seeds: Some demand from China and Bangladesh and market seems bottomed out. Prices have started to move up after last week lows.
Sesame: Some rains still in MP and possibly damage to standing crop. Picture will emerge in coming days.