India: 20% rise wholesale onion prices
(APMCs) in Nashik district have increased by around 20% after the central government reduced the minimum export price (MEP) from US$150 to US$125 per tonne last month.
Onion auctions at the major markets will be closed now until April 2nd, as traders are completing their annual accounts for the close of the financial year.
The reduction in MEP has caused the wholesale onion prices, which were in the range of Rs 325 ($6.41US) to Rs 375 per quintal on February 27, to increase and stabilize in the range of Rs 340 to Rs 475 per quintal this week.
The Summer crop has now started to arrive and is expected to become regular over the next fortnight and to continue for a while.
"The summer crop has started arriving in district APMCs and its regular arrival is expected to continue in the next couple of months. The shelf life of the summer crop is almost six to eight months. Hence, farmers prefer storing it and bringing it as per their convenience and the prevailing market rates. Besides, the harvest of the late kharif crop has almost ended and its arrival is expected to continue till around April 15," said an official from the Lasalgaon APMC.
Source: timesofindia.indiatimes.com
