Jeera futures on NCDEX was down 3 per cent at Rs 14,550 a quintal on the back of good rains in the northern part of Gujarat, the main jeera growing region. Jeera for September delivery had fallen 10 per cent in the last one week.
The revival of monsoon is expected improve moisture levels which may increase prospects of better yield next season.
The recent run up in prices has forced exporters to keep away from the market. However, supply concerns from Syria and Turkey still exists. The spot prices in Unjha market on Monday was down 2 per cent at Rs 15,736 a quintal. It has fallen 4 per cent in last one week. The arrival and offtake of jeera in the Unjha market was almost equal at about 4,000 bags (of 55 kg each) on Monday.
Jeera prices may continue to fall in the futures market as monsoon intensifies in Gujarat. However, expectations of improvement in export orders will result in buying at lower levels.