Futures Closed Higher On Wednesday

Futures closed higher on Wednesday on anticipation of good demand prospects for the new season jeera crop. New jeera crop started arriving in the key spot market of Unjha in Gujarat this week. There is a forecast of fall in jeera production by 12 % to 387,000 tonnes during 2016-17 due to lower acreage. As on 30-Jan-17, Gujarat farmers have planted jeera in 2,78,700 hectares, down by 16,700 hectares compared to last year acreage of 2,95,400 hectares till same period. As per second advance estimates for 2016/17, production of Jeera in Gujarat will be 2.21 lakh tonnes, down almost 11% compared to last year production of 2.38 lt. Moreover, Jeera acreage this season is also down in Gujarat compared to last year.

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