 "Wholesale onion prices drop 25% in a week at Nashik")
After a steep fall in the past two weeks, the price of onions is likely to stabilise around Rs 30 a kg in the benchmark Lasalgaon (near Nashik) wholesale market until the new season’s crop arrives, which it probably will in the first week of next month.
The price fell 25 per cent in the past week, to Rs 2,950 a quintal on Thursday at Lasalgaon, reportedly the largest wholesale market in Asia, from Rs 4,000 a quintal a week before.
In retail markets, however,the price continues to remain elevated, at Rs 55-60 a kg; stockists are holding their stocks ahead of new crop arrivals. They expect, market sources say, that high prices for the old crop could be maintained for another four to six weeks. “After another two weeks, harvesting would begin in Nashik, which would cool down prices,” said R P Gupta, Director, National Horticultural Research & Development Foundation.
Lasalgaon prices hit Rs 5,400 a quintal in early August, prompting the central government to intervene with imports and action on hoarders. Government agencies also began procuring for retail distribution. Arrival of the new crop is on in the southern states and harvesting has begun in Gujarat but cumulative arrivals at Lasalgaon are much less compared to last year at this time. On Wednesday, for example, arrival at Lasalgaon was 1,683 tonnes last year, with the price at Rs 1,500 a quintal. This Wednesday, however, total arrival was only 75 tonnes, with the price at Rs 2,750 a quintal.
With harvesting on in the south, the price at Belgaum, in northern Karnataka, is quoted at no more than Rs 1,600 a quintal. Harvesting in Nashik and other major centres in Maharashtra and West Bengal is set to go into full swing around the first week of November.
“So, in the next couple of weeks, we would see prices falling steeply,” said Atul Shah, Director, Agricultural Produce Marketing Committee, Pimpalgaon (also close to Nashik).
Despite the delay in sowing, the trade estimates India’s onion output at a little over 19 million tonnes this year, nearly unchanged from last year.
The price fell 25 per cent in the past week, to Rs 2,950 a quintal on Thursday at Lasalgaon, reportedly the largest wholesale market in Asia, from Rs 4,000 a quintal a week before.
In retail markets, however,the price continues to remain elevated, at Rs 55-60 a kg; stockists are holding their stocks ahead of new crop arrivals. They expect, market sources say, that high prices for the old crop could be maintained for another four to six weeks. “After another two weeks, harvesting would begin in Nashik, which would cool down prices,” said R P Gupta, Director, National Horticultural Research & Development Foundation.
Lasalgaon prices hit Rs 5,400 a quintal in early August, prompting the central government to intervene with imports and action on hoarders. Government agencies also began procuring for retail distribution. Arrival of the new crop is on in the southern states and harvesting has begun in Gujarat but cumulative arrivals at Lasalgaon are much less compared to last year at this time. On Wednesday, for example, arrival at Lasalgaon was 1,683 tonnes last year, with the price at Rs 1,500 a quintal. This Wednesday, however, total arrival was only 75 tonnes, with the price at Rs 2,750 a quintal.
With harvesting on in the south, the price at Belgaum, in northern Karnataka, is quoted at no more than Rs 1,600 a quintal. Harvesting in Nashik and other major centres in Maharashtra and West Bengal is set to go into full swing around the first week of November.
“So, in the next couple of weeks, we would see prices falling steeply,” said Atul Shah, Director, Agricultural Produce Marketing Committee, Pimpalgaon (also close to Nashik).
Despite the delay in sowing, the trade estimates India’s onion output at a little over 19 million tonnes this year, nearly unchanged from last year.