The arrivals of Cardamom in the last couple of weeks continued to be good with about 850-900 thousand kilos every week. We have seen small planters getting yields of about 900-1100 kgs per acre while one Planter, who is expecting to get an award, has reported an yield of a whopping 2500 kgs per acre.
The rains are good and the weather continues to be favorable for cardamoms. We visited some plantations and saw some planters picking their third round of pods while some were still in their second round. The bumper harvest of Cardamoms this year is expected to yield about 26000 tons boosting Indian Exports and also keeping prices in check.
The proportion of bold grades is reducing to about 25-30% and is lower as compared to the same time last year. This combined with the festival season in the domestic market is helping the prices remain stable and firm. There has been a labor strike in the plantations since the last few days affecting the plantations of tea & rubber besides cardamoms. This may not have an immediate effect in the very short term on the prices but could adversely affect if the strike prolongs unreasonably.
Internationally, Guatemalan Cardamom stock pileups continued in the major consumption centers depressing the sentiments. Traders tried to sell their Guatemalan Cardamom stocks amidst financial and political turmoil. The New Crop from Guatemala is already underway even as the old crop continues to flood the international markets.
With India having exported about 3000 tons of cardamoms and about 12000-13000 tons of Indian Cardamom yet to come in the market, the prospects of sizeable exports with subdued prices are good.
We advise buyers to cover their maximum requirements at this time.