According to recent reports, the Indian Poppy Seed crop is expected to arrive in March with an estimated maximum yield of 6500 tons. However, there have been some serious weather-related incidents in the Poppy Seed growing areas such as hailstorms, rain and strong winds, which could potentially damage the standing crop.
At this point, it is unclear to what extent the damage has occurred in terms of both quantity and quality. Further detailed reports are expected from responsible sources, which will help determine the impact of the weather on the upcoming crop.
Given the above scenario, it is predicted that the price of Poppy Seeds in 2023 will rise to Rs. 2000 due to the lack of new imports from anywhere in the world and the very little stocks left from the Indian crop. Additionally, all the imported cargo from Turkey, China and the Czech Republic is almost sold out.
Moreover, the prices of other Indian crops such as Jeera, Cardamom, and Sri Lankan Cloves have also gone up during the peak arrival time of the new crop. Therefore, it is advised that one should be in the Poppy Seed business to benefit from this upcoming trend.
However, it should be noted that the only disadvantage in this trade is illegal imports, misdeclaration and smuggling by a few notorious gangs, which are already on the government’s radar and will be dealt with accordingly.
In conclusion, it is expected that the price of Poppy Seed will reach a new record high this year, but the extent of the weather-related damages on the crop will determine the actual impact on the market.