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Onion prices that are ruling flat currently could increase by Rs 50-100 a quintal in 2-3 weeks time.
“Farmers have begun to store quality onion and this could lead to lower arrivals,” said Mr Rupesh Jaju, Director of Nashik-based United Pacific Agro Pvt Ltd that exports onion.
Onions grown during rabi season can be stored for a longer period. Growers usually tend to store them. With the Maharashtra Government having provided subsidy to growers to construct warehouses in their backyards, they are taking advantage of it.
“Arrivals continue to be good, though only fair average quality onions are coming to the market,” said Mr Jaju.
Pressure in the domestic market is lacking since Rajasthan, Uttar Pradesh, Haryana and Karnataka are witnessing arrival of crop grown in those respective States.
“Domestic demand is normal and nothing to write home about,” said Mr Madan Prakash, Director of Chennai-based Rajathi Group of companies that exports agricultural produce.
Onions are currently fetching an average of Rs 508 a quintal on the higher side and Rs 172 on the lower side. The overall average price is Rs 368.
In Lasalgaon Agricultural Produce Marketing Committee yard, Asian's biggest for onion, the modal price or the rate at which most trades took place was Rs 370 against Rs 360 last week. Earlier this week, the modal price dropped to Rs 350.
Arrivals
In the last three days, 35,000 tonnes onion have arrived in Maharashtra. Nashik accounted for 40 per cent of the arrivals, Ahmednagar 20 per cent, Pune 10 per cent and Mumbai 12 per cent.
“In the last three days, 6,000 tonnes onion arrived at Lasalgaon APMC,” said Mr Jaju.
Exports
On the export front, demand from the Gulf continues. “Shipments are continuing to Dubai and Far-East destinations,” said Mr Jaju.
“Prices in the global market have declined after Malaysia rejected a small quantity of Indian onion due to damage,” said Mr Prakash.
Malaysia and Sri Lanka are offering a lower price for Indian onions, he said.
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