Coriander prices are expected to trend down in the coming year due to sufficient supplies and a better crop forecast for the next season. Production of coriander was higher in 2015-16 compared to previous years, and arrivals have been down 5% so far in 2016 due to higher stocks. Imports have been rising while exports have been decreasing. Sowing of the next crop has begun and prices will depend on sowing progress and demand. With good production last year and sufficient supplies, prices are expected to ease to Rs. 7,200-7,000 per quintal over the coming months if sowing is normal.

1. Coriander Update
Coriander/ Dhania – May trend down due to
sufficient supplies and better crop next season
18th November, 2016

2. Coriander Update
Coriander Price Performance - Monthly
• In 2016, Coriander prices on futures market
recovered after touching its lowest levels in 12
months during February.
• Coriander prices have been lower in 2016
compared to last two year amid higher
production estimate due to high acreage and
reports on increase imports possibly from Russia.
2
• The production of coriander was forecasted higher in 2015-16 compared to previous year’s
production. In 2013-14 and 2014-15, lower area and unseasonal rains have limit the
production in Rajasthan and Gujarat.
• The prices of coriander seed in 2014 and 2015 touched all time highs due to increasing
domestic demand, less carry over stocks, higher exports and lower supplies from previous
year crops.
• The domestic prices of coriander seed mainly depends on the forecast of area and
production, weather during crop development, carry over stocks and export demand.
• Market is expecting a bumper crop during 2016-17 season due to good sowing progress.
6500
6700
6900
7100
7300
7500
7700
7900
8100
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Source: NCDEX
Monthly Avg Closing Coriander Price (Rs /Quintal)- NCDEX

3. Coriander Update
Coriander Price Performance - Quarterly
3
• In 2016, coriander prices during Q1 have trade
on lower levels on hopes of higher supplies in
the domestic market due to high acreage and
reports on higher imports.
• In Q1, the coriander prices were quite volatile
and fell from the higher levels in each of the
three months due to supply pressure. During
the Month of January it fell to Rs. 6,188 per
quintal levels from the high of Rs. 7,420 levels.
• During next two months, the prices fluctuate between 6,200 -7,000 levels. This recovery
from 6,200 levels in prices is mainly because of higher demand for the new season crop
from the stockists, whose stocks have diminished in last two year.
• In the next two quarters (Q2 & Q3), prices continue its recovery due to good domestic
demand and seasonal trend amid slowing down of arrivals in the physical market.
• But the prices have been corrected in the Q4 due to near normal rains in the country and
expectation of better crop in 2016-17. Increase in imports also pressurizing prices.
(0.51)
2.27
5.80
0.14
-1
0
1
2
3
4
5
6
7
Q1 Q2 Q3 Q4*
Coriander Price - Quartly Change %
* Oct 3 - Nov 18, 2016

4. Coriander Update Producing states and Production
Estimates - Coriander
4
 In 2015-16, Department of Agriculture, Cooperation
and Farmers Welfare (Horticulture Division) in its 3rd
advance estimate, pegged the total production of
coriander seed at 5.66 lakh tonnes (lt), up by 22.6% or
10.4 lt compared to last year production.
 In 2016-17, the production will be depending on the
area which according to market sources may remain
steady or lower due to huge carry over stocks and
improved imports and acreage may diverted to
pulses and oilseeds.
 Rajasthan, Gujarat and Madhya Pradesh are the top
three coriander producing states in the country.
 In the coming Rabi season, the yield of coriander is
expected to be higher as most parts of North-West
India and Central India have received normal to
excess rainfall during the monsoon months.
530 524
314
462
566
300
350
400
450
500
550
600
2011-12
2012-13
2013-14
2014-15
2015-16
Coriander Area and Production in India
Prodn ('000 Tonnes) Area ('000 Hectares)
Source: Department of Agriculture and Cooperation (Horticulture Division)
37.8
27.3
18.0
10.3
3.9 2.1 0.6
State-wise share (%) in Coriandar Production
Rajasthan
Gujarat
MP
Assam
Odisha
AP
UP

5. Coriander Update
Coriander Arrivals Down this year too
5
 As per the Agmarknet data, total arrival of coriander
in Gujarat, Rajasthan and Madhya Pradesh during
the first ten months in 2016 is down by about 5%
compared to last year.
 In current year, the arrivals are closed to 4.23 lakh
tonnes (lt) compared to 4.44 lt during last year.
 In the calendar year 2016, the highest arrivals of
coriander recorded in MP during first ten months.
The arrivals increased by 2 % to 1.5 lt compared to
last year’s arrivals 1.1 lakh tonnes.
 In Gujarat, arrivals recorded about 27.7% lower
arrivals at 1.3 lt during the current year compared to
last season while Rajasthan recorded almost the
same arrival volume at 1.3 lt.
 The arrival volume in Rajasthan drastically reduced
in 2015 & 2016 compared to 2014 arrivals.
0
200000
400000
600000
800000
Y2014 Y2015 Y2016
Gujarat, Rajasthan & MP - Total Arrivals (tonnes)
(Jan-Oct 2016)
Source: Agmarknet
100000
150000
200000
250000
300000
MP Rajasthan Gujarat
Arrivals Comparision (Jan - Oct)- tonnes
Y2014 Y2015 Y2016Source: Agmarknet

6. Coriander Update
6
Import – Export : Coriander
 India exports only about 10-15 % of its total
production due to higher domestic consumption.
 Over the year, the exports of coriander from the
country is decreasing, but the imports are slowly
increasing.
 In 2015/16, Spice board estimated coriander exports
from India at 40,000 tonnes, down by 12.8% to against
46,000 tonnes in previous year.
 As per the data released by Department of Commerce,
India exports about 14,765 t in 2016/17 till August
which is lower than the imports figures of 16,361
tonnes tonnes for the same period last year.
 In 2015-16, India imports about 25,925 tonnes of
coriander in 2015-16 mainly from Russia, Italy, Ukraine
and Bulgaria.
0
10,000
20,000
30,000
40,000
50,000
2013-14 2014-15 2015-16 2016-17*
Export Vs Imports (tonnes)
Export Import
Source: Dept of Commerce *Apr-Aug
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Jan Feb Mar Apr May Jun Jul Aug
Import -Export of Coriander : 2016
Export Import
Source: Dept of Commerce *Apr-Aug

7. Coriander Update
Price outlook
7
• The sowing of coriander has started in the states
of Andhra Pradesh and Gujarat but in Rajasthan
and Madhya Pradesh it will start soon.
• Currently, coriander prices were at three year
lower due to pressure of more stocks available in
the physical market. The price will now depend
the sowing progress in the rabi season coupled
with domestic and export demand.
5500
7000
8500
10000
11500
13000
14500
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Coriender Prices - Last three years- NCDEX
Y2014 Y2015 Y2016Source- NCDEX
Rs./Quintal
• The supplies in the domestic market seems to be sufficient due to fact that the production
have been good last year along with lower exports and higher import volumes. Thus, the
sowing period (November-February) the market may watch out for the sowing progress and
the weather in Rajasthan and Gujarat.
• We expect NCDEX Coriander prices (CMP: Rs.7,555/Quintal) for December delivery to ease a
towards Rs. 7,200/7,000 levels if the sowing progress in Rajasthan and Gujarat going on well.
• However, due to lower prices this year, the coriander acreage may diverted to oilseeds and
pulses government declared higher MSPs which may support prices at current levels.

8. Coriander Update
Published in FY 2012. © Angel Broking 2011-12
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8
RiteshKumar Sahu
Analyst- Agri Commodities
Landline: 022 3935 8165