After 300 years, heavy losses in agriculture due to Mavtha

- Commodity Current - Jayavadan Gandhi

- Demand to stop March-ending and start December-ending

As the forecast picture of the agriculture sector suddenly changed due to widespread monsoon-like events in March for the first time in the last three hundred years, farmers, traders and exporters also fell into agri commodities due to losses in the last stages of ready-made crops. As the global banking crisis deepens, bullion commodities have seen an unprecedented boom. While the wave of depression is being seen in other commodities sectors including Agri. The crude oil market fell to 70 dollars and the market on MCX is at a low level of 5500 rupees per barrel due to the collapse of demand in crude oil. A year ago, after the war in Russia and Ukraine, crude oil prices rose to a high level of 139 dollars. Which has now halved, the banking crisis becoming more serious in America and Europe, the gold prices have surged to a record high of 60400 on the MCX. If the situation remains as it is today, there is a possibility that gold prices will rise to the level of 64 to 65 thousand in the near future. Gold has returned eight percent in the last one month and 21 percent in the last six months. According to gold reports, gold prices in 2018 were 30070 rupees per 10 grams. In a short period of four and a half years, the prices have now doubled and crossed the level of 60400. Looking at the figures of the last three years of March ending, in March-2021, gold prices remained at the level of 43320 and got a return of 28 percent. While in March-2022 there was a 4 percent return at the level of 55500 and in March 2023 the price of gold has been seen at the level of 60400 with a 15 percent return. As gold prices rose, the sales volume of old gold has been more than 25 percent. The sale of old gold, especially in South India, has been significant.

During the last week, there was an overall depression in the Agri Commodities Market at the global level as well. Markets were at a declining level, especially in grains and oilseeds. In which, 10 percent in wheat, 7.7 percent in corn, 8.4 percent in cotton, 8.5 percent in soybean, 15 percent in sunflower and 9.5 percent in palm oil were observed. On the other hand, there was an overall boom in spices. In which cumin seeds were causing a lot of trouble. In the last month or so, cumin futures prices were at the level of Rs 354 with an increase of over Rs 50 per kg. However, five-six months ago, jeera futures stood at an all-time high of Rs 374. After that, the cumin futures market fell back below 300. At present, due to rains and the weather from the beginning of sowing of cumin seeds to the time of harvesting, the weather does not support the crop. During the year 2020-21, cumin was planted in 4.69 lakh hectares. In the following year, in 2021-22, the cultivation decreased to 3.07 lakh hectares. While this year also during 2022-23 with a ten percent cut, it is estimated that about 2.76 lakh hectares have been planted i.e. more than two years ago. In this situation, due to unfavorable environment like Mavtha, there is a possibility of gap in expected production as well, cumin market is currently in a bullish atmosphere. Due to the high cost of cumin, there is a panic in the market as the risk factor in the trade is high, although the general bullish trend in the market is high, there is currently a break in the expectation of higher prices on the sale of cumin earnings. All the cumin goods that land in the Unjha market are traded. Circumstances of pending goods are seen to be negligible nowadays.

Due to March ending, all small and large agricultural markets of the state are closed for a week, causing a break in the turnover of crores of rupees. A week's worth of mini-vacations make the plight of farmers miserable in March, when the sale of most of the season's seeds is at its peak. When the market opens, the market breaks down due to the pressure of the income of the farmer's goods and due to the possibility of financial loss to the farmers, if the December ending is kept instead of the March ending, the farmers and business class can also get relief. On the last day of March ending, approximately one to one and a quarter lakh bags of goods including cumin, fennel, coriander, isabgol were sold in Unja Bazaar.