In Bulgaria, a late cold snap and then bad thunderstorms with hail have impacted the crop. Additionally, reports indicate the Russian crop was limited and sold out against advanced orders. Total production is down. Strong demand in the wake of these reports has also contributed pressure on the supply. Prices have jumped substantially over last year’s.
Prices for oil have dropped to a very low level. Reports indicate other crops were more profitable for farmers, so area planted for Coriander reduced by at least 50%, quite possibly by 67%. Prices for new crop seed continue to firm as it appears carryover positions on seeds were not properly stored and are unusable. We expect prices to rise as demand increases.
The Spice Market continues to advise that prices for new crop seeds are firming. We anticipate that seed oil prices will follow shortly. Herb oil is still firm and is reportedly being made to order.
Prices for Seed oil are still soft, but with the new crop due in a few weeks there is anticipation that prices will firm as the bottom seems to have been reached. Coriander Herb Oil prices still firm.
With the Russian harvest due in July reports are indicating that acreage sowed is equal to last year, despite low prices offered to farmers during 2016. With prices at low levels not seen for years, there is anticipation that new crop prices will be higher. Coriander Herb Oil is reportedly produced to advance orders. With little carryover, prices have been firm.
Reports of an off crop from both Chinese and European sources have caused limited availability, leading to a rise in prices.