Views of Mr. Ritesh Kumar Sahu (Fundamental Analyst- Agri Commodities, Angel Commodities Broking):
quot;Turmeric futures for September delivery on NCDEX closed higher today by 1.71% or Rs. 124 supported by lower acreage,diminishing arrivals, expectation of better physical demand, good exports and lower than expected rains in turmeric growing areas of Telangana and Karnataka.
After good start to turmeric sowing in Telangana, acreage under turmeric, as on 16th August, down 1% to 44,411 hectares as compared to last year acreage of 44,919 hectares.
The arrivals of turmeric in the physical market down 30.8% in August as per the data compiled by Agmarknet. During the first 20 days of August, turmeric arrivals were about 8,598 tonnes compared to 12,422 tonnes in July for the same period.
As per the data release by government, the exports during first five months in 2017 is 54,058 tonnes, up 22% compared to last year exports volume for the same period.
According to India Meteorological Department (IMD), rain over turmeric growing regions in Telangana, North Interior Karnataka and Madhya Maharashtra during the week ending 16th August has been deficient, which may have adverse impact on the standing turmeric crops. Madhya Maharashtra received 57% lower rains followed by Telengana (29% low) and North Interior Karnataka (25%).quot;