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“Market Report “

Syrian Spice Market and the lockdown finished and 90% of the lands are harvested:

Re. Cumin seeds

New crop:

Most of the crop already harvested, weather recently changed to unfavorable last  week where we have seen showers, which effected the color of cumin, in some parts of planted areas, the Crop delayed this Year because of delayed harvest due to the weather and Ramadan and Eid Holiday, beside Farmers aren’t willing to sell at low prices because of the fear of further devaluation of the currency.

Market status:

the market eased from the highs of April, as have finished the harvesting , but there is low carry over this year, which is giving the market bullish momentum .

For offers versus demands for new crop have started from local speculators and people running from big inflation happening in Syria because of the fast devaluation of the currency, which happened as expected from our last report, and because they are looking to make a good money when prices went up 5 to 600 $/T , local offers are still minimal as the harvested quantity still limited, but obviously it’s expected to increase but we are far from the peak,
We still have the eruption already exist of electricity, and shortage of fuel needed for generators, so processing of harvesting, dressing, and others supply chain points also adding to the slow pace.

Price trend: is not clear yet even we are on 2nd of June, as the market of old crop closed at high price, and offered quantity is limited, and many developments are happening, weather, inflation, harvesting, and other factors, which aren’t letting the price to ease, or at least to show direction of real prices,

Internationally :

Indian cumin is sideway, at lower prices, and the lockdown has been lifted in some places and eased in other places, , but even china came back to act, which gives some positive sentiment over there, but still Indian under pressure.
Turkish cumin price is stoned at high level, and new crop will be end of June, new crop looks like less than last year crop, of the losses they made out of the rain came last crop at the harvesting time, but we will be waiting the news of their new crop.

Business environment :

Movement came back to normal, luckily war is less intensive, and government export regulations are with no change, and Syrian pound now is decreasing heavily with bearish tone, petrol shortage is there, which reflected in increase in transportation cost, beside production cost, higher cost for cleaning sorting and packing, in addition the cost of insurance on the cargo is increased, all ports are working fine, but expected to be slower .

Re. Anise seeds :

Market status : Market side way after the sharp increase in Feb, and went stable since then, but with firm note as carry over is there but of not the good quality, and not in good quantity.

For offers versus demands are moderate, as everyone waiting the new crop, while offers of good quality are difficult to find, carry over is getting smaller, and some negative news about the new crop, let the people hold strongly the carry over of good quality,

Prices of good quality aren’t clear, as a few quantities are left, while price of low quality is at a considerable discount, with consideration of the currency devaluation, the price may to have more easiness,

For medium term, the market looks sideway, as cargo is really less, we are watching the new crop developments, which so far not as good as hoped, for the demand, we are expecting the demand to pickup after the easiness of the lockdown, and we are watching how is the market will continue after harvesting.

Turkish Anise crop quantity is smaller, and prices are still in the high side,
Spanish Anise price stays firm, as last crop was smaller, price is higher.

New Crop development :

Anise isn’t far a way from Cumin, as both delayed, Anise harvest will be end of June, the planted areas are less than last year because of many areas got heavy rain at early developing time of the plant, therefor many farmers switched their plantation to other crops, and so far the news of Anise crop isn’t bright, anyway, we are watching closely the situation, we hope that we will have a good season this year, after harvest, the shipment will be for July.

Re. Coriander seeds:

Market is stable at competitive price, with slow activity,Demands is there for export, but in slower pace, from Arabic countries, beside some to far east,Price stable at attractive levels, as the Eastern European coriander is higher, the quantities which were hold in a strong hands, now they are releasing it, as the price behavior didn’t go as they wanted, so now the cargo is found at good level, if the quality is approved.

International market is stable, and prices from India is stable with firm note , the offers is more as Indian lockdown is getting easier, carry over was still there,

but offers of Russian and Ukrainian corianders is effecting the market down, but it’s essential the news of the new crop over there.

New crop this year has already harvested and the crop looks good, shipment can be end of June. It’s available of green /Yellow colour and brown color .

Re. Nigella seeds :

Market got firmed again, after recent easiness, as the news of the new crop of limited quantities is approved, demands are there, but offered quantities of the new crop are relatively too scarcer,
still Syrian price is more attractive than other origins, and local speculators have a strong appetite for this product, as they made money last year as prices went up a staggering 80%,
Price expected to stay at the same level, for the medium term, with cautious as everything is possible in this relatively sensitive market.

New crop :

The planted areas are less than last year, farmers wanted to grow more profitable crops with higher income, as higher prices happened after cultivating season, so farmers missed the opportunity to seed nigella, and we are watching the developing of the planted areas next crop will be within two weeks, as it’s delayed too, because of the weather circumstances.

Re. Caraway :

Market is stable at low level, demand is a small and but also left quantities are limited too, new crop of Caraway is available now.

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