In Erode district, the turmeric harvest has begun in a few areas, leading to an increase in the sale of old turmeric stocks as farmers and traders aim to take advantage of falling prices. Since 2011, turmeric prices have remained stable, and as a result, a large amount of old stock has been stored. Only the new turmeric was sold at that time at the prevailing prices.
According to Sathiyamoorthy, Secretary of the Erode Turmeric Merchants and Warehouse Owners Association, this year, there has been a slight increase in the price of both old and new turmeric. Compared to previous years, the current prices are higher, which has led farmers and traders to bring in both old and new turmeric for sale.
Typically, the new harvest picks up pace by January 15 every year. However, in the current year, some places have already started harvesting and "processing" the turmeric. The full harvest is expected to pick up after January 10, when new turmeric prices will likely rise. Traders are keen to buy the new stock, which is expected to fetch better prices.
The sale of old stock is also rising, with prices reaching between 6,500 and 8,000 rupees per quintal due to the anticipated increase in the price of new turmeric. Other states like Telangana (Nizamabad) and Maharashtra are expected to start their turmeric harvest later, in mid-January and March, respectively. Until then, Tamil Nadu will continue to see an increase in demand and better prices for new turmeric. The turmeric market in Erode has been experiencing significant changes as the new harvest begins in the district. With the onset of the harvest season, traders and farmers are seeing a boost in the sale of both old and new turmeric stocks. As the prices of turmeric fluctuate, the sale of old turmeric, which has been stored since the previous years, is increasing. This trend is attributed to the expectation of price hikes once the full harvest season begins in January.
Since 2011, turmeric prices in Erode have remained relatively stable, with only minor fluctuations. This stability led to a large stockpile of old turmeric, as many traders and farmers preferred to store it, anticipating better prices in the future. The newly harvested turmeric was sold at prevailing market prices, which were significantly lower than the current demand-driven prices.
According to Sathiyamoorthy, the Secretary of the Erode Turmeric Merchants and Warehouse Owners Association, this year, both old and new turmeric are fetching higher prices compared to previous years. The recent surge in prices is largely due to the increased demand for turmeric and the reduction in stock availability. As a result, farmers and traders have started bringing in their stored stock for sale in anticipation of better returns.
The annual harvest of turmeric in Erode generally picks up pace after January 15. However, this year, the harvest has already begun in several areas, and processing activities like "prashching" (curing and drying) are underway. The bulk of the harvest is expected to arrive after January 10, which is when the prices of fresh turmeric are likely to rise further. Traders are particularly excited about the new turmeric because they believe it will be more profitable in the coming months.
For now, the sale of old stock is increasing, with prices for old turmeric reaching anywhere from 6,500 to 8,000 rupees per quintal. This price rise is attributed to both the demand for old turmeric and the anticipation of higher prices for the new harvest. Traders are eager to purchase turmeric in bulk, especially as the full harvest season approaches and the demand for fresh turmeric is set to spike.
In addition to Erode, other turmeric-producing regions such as Telangana's Nizamabad and parts of Maharashtra will also see the harvest season begin later in January and March, respectively. Until then, Tamil Nadu is expected to continue enjoying the demand for new turmeric at favorable prices.
As the turmeric market in Erode sees increased sales, it is expected that the trend will continue for the next few weeks as traders and farmers respond to market conditions. The price fluctuations are likely to continue as the harvest season progresses, with farmers and traders closely monitoring supply and demand dynamics.
