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Onion prices likely to fall in 10 days
Onion prices may not come down soon though the second crop in Telangana was likely to come into the market from October. This is because of hoarding of stocks by the traders. As per the latest figures, in Telangana, onion is cultivated in 37,000 acres. Telangana State produced about 4.9 lakh metric tonnes of onion in 15,000 hectares.
Hyderabad: Onion prices may not come down soon though the second crop in Telangana was likely to come into the market from October. This is because of hoarding of stocks by the traders. As per the latest figures, in Telangana, onion is cultivated in 37,000 acres. Telangana State produced about 4.9 lakh metric tonnes of onion in 15,000 hectares.
Mahbubnagar, Medak, Ranga Reddy and Nizamabad have been the major onion producing districts. With less production, Telangana had to depend on other states like Maharashtra and Karnataka. Sources say, the traders were gradually releasing the stocks based on the market reaction. “An artificial shortage was created for 15 days by the markets.
Based on the reaction, the price was hiked,” says S Malla Reddy, vice president, All India Kisan Sabha. Even in Maharashtra, the prevailing drought conditions have gradually reduced the area under onion cultivation. But the farmers in the bordering districts of Maharashtra, like Adilabad were optimistic of prices coming down.
“While the news reports are portraying a dark picture, the local farmers are predicting that the prices may come down,” says a local official of Agriculture Marketing Department. According to officials, the prices may come down within 10 days. The onions being sold for Rs 20 in Rythu Bazars were being procured with the help of open auction by Agriculture Marketing and Civil Supplies department.
Kurnool, one of the major onion producers in the Telugu States, is known for selling the produce to Orissa, West Bengal and neighbouring states of Karnataka and Tamil Nadu. The Andhra Pradesh government has asked the traders in Kurnool to hold back stocks for the State.
A Sharath, MD, Agriculture Marketing and Cooperative, refuted that there was any kind of hoarding inside the State. “When 3.3 metric tonnes are the requirement, the production is only 1.8 Metric tonnes and it is off-season. There is shortfall of the commodity,” he said.
