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Ockhi effect: Onion prices increase by 48% in 2 days

Ockhi effect: Onion prices increase by 48% in 2 days

December 7, 2017

 

The unseasonal rain that had hit the district on Tuesday have affected the supply of onions, resulting in the average wholesale prices rising by 48.93% in two days at the country's largest onion market at Lasalgaon Agriculture Produce Market Committee (APMC).The prices shot up from Rs 2,350 per quintal on Monday toRs 3,500 per quintalon Wednesday due to shortage of supply after the rain. The rain has led to a sharp decline in arrival of onions from 20,000 quintals a day to 5,000 quintals a day on Wednesday, said sources at the Lasalgaon APMC.

 

In the retail market also the prices of onions skyrocketed from Rs 30 a kg on Monday toRs 45 a kg on Wednesday.Earlier, the average wholesale prices had dropped by 41% in just 12 days from Rs 4,000 per quintal on November 23 to Rs 2,350 per quintal on December 4 after the central government increased the minimum export price (MEP)of onionsfrom zeroto $850 per tonne on November 23.Presently, the onions arriving in the wholesale onion marketsof thedistrict are of the kharif crop. The supply had increased to 20,000 quintals a day at Lasalgaon in the past week. As a result, the wholesale prices had declined. But, due to the unseasonal rain, farmers did not bring their produce to market. Moreover, harvest of onions may also get delayed by four to five days.

 

The unseasonal rain may affect the quality of onion and sometimes the plant rots. Even a day's rain can cause a lot of damage to crops and the weather department on Tuesday had forecast three days of rain.

 

Source: https://timesofindia.indiatimes.com

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