Commodity News Update Onion price-
Fall in Onion price affects farmers
Onion cultivators are now forced to throw away their crop as prices of Onion have seen a fall in the past two weeks due to oversupply caused by release of old rabi stocks which farmers stored for about six months in anticipation of higher rates.
The price of old Onion crop is ruling low at Rs 3 per kg, while the new Onion is selling an average price of Rs 10 per kg. By mid-October, Onion prices shot up suddenly on fears of drought and delay in kharif crop.
Lower domestic prices have helped boost exports, which are expected to gain momentum by the end of the month when export from Pakistan is likely to decrease. Exports had slackened briefly in October. However, with reversal in domestic prices, exports increased again.
The demand for Indian Onion likely to increase further once supplies from Pakistan decline. The average export price of Indian Onion is $240 per tonne free on board, though good quality Onion is exported at $260 per tonne.
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