Onion prices continue to be bullish despite export squeeze

The export duty and the complete squeeze on exports have not made much difference to the wholesale price of onion in the markets. Thus before the ban was imposed, at Lasalgaon’s market — the largest onion market in the country — average price of the bulb was between Rs 2,300-2,400/quintal. The price trend continues to be similar even now. On Thursday, the average traded price of the bulb was Rs 2,470/quintal, which was the highest recorded this month so far. Located in the Nipahd taluka of Nashik district, Lasalagaon’s market is now recording around 11,000-12,000 quintals of the bulb on a daily basis now.

Traders and commission agents who spoke to The Indian Express said the present price trend is to continue for some more weeks. “This year around 60 per cent of the onion meant for storage was destroyed due to untimely hailstorm and rains in March. Post May the onion prices had almost collapsed as farmers offloaded their inferior quality onions in large tranches,” said a trader from Lasalagon.

At present the the quality of onion, which is being brought for auction, is relatively better.

Traders said this price trend would continue till the new crop hits the market towards the end of November. Normally the kharif crop is planted in June-July and harvested in October, but this year it would be late. “The delayed monsoon and the long dry spell in August has affected the crop. We do not see any new arrival before the end of November,” the trader said.

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