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Chilli crashes on bumper harvest
Chilli prices have crashed in Andhra Pradesh and Telangana. Premium varieties (Byadiga and Devam) are selling for ₹7,000-8,000 a quintal, lower than last year’s ₹12,000. Prices of some varieties have fallen lower than ₹5,000/quintal, which is below the cost of production. Marketmen point to excess production in the domestic market plus a good crop in Pakistan as reasons for the drop in prices.
Centre gives nod for sugar imports
The Centre has given the go-ahead for sugar imports with the expected fall in sugar output and supplies getting tighter. It has allowed import of up to 5 lakh tonnes till June 12. This will be open only for millers and refiners having their own refining capacity. Last month, sugar millers’ body ISMA had projected production for sugar season 2016-17 (October to September) at 20.3 million tonnes, lower than the earlier projections of 21.3 mt and 23.4 mt. The lower estimate was attributed to production getting hit in Maharashtra, Karnataka, Andhra Pradesh and Telangana due to drought in the last two years.
Turmeric loses colour in Erode
Turmeric farmers and traders in Erode have been hit by poor demand. While monsoon failure has resulted in poor yield, even the current stock is lying idle, with no buyers. Traders from northern India have started sourcing turmeric from Assam, Warangal and Nizamabad, say market sources. Prices have fallen by ₹100 a quintal. While the root and finger turmeric varieties are sold between ₹6,699-7,909 and ₹6,279 and 7,405 per quintal, respectively, in other markets, in Erode, finer turmeric is sold at ₹5,559-8,129 per quintal and root turmeric for ₹5,200-7,139 a quintal.
Pepper rises on strong demand
The pepper markets continued to remain firm last week on strong demand despite tight supply. Spot prices closed at ₹58,400 (ungarbled) and ₹61,400 (garbled) per quintal. The contracts of April and May rose on India Pepper and Spice Trade Association by ₹1,000 a quintal and closed at ₹63,000 and ₹62,000 on Thursday.
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