Onion Market Prices News

Onion Prices Jump on Rs 350 per quintal

NASHIK: At Lasalgaon Agriculture Produce Market Committee (APMC), the average wholesale onion prices on Tuesday recorded a four-and-a-half-year low at Rs 350 per quintal.

The previous low at the Lasalgaon APMC, the country's largest wholesale onion market, was recorded at Rs 350 a quintal on May 21, 2012. The average wholesale onion prices have declined due to oversupply as compared to demand.

A Lasalgaon APMC official said, "Currently, onions reaching the market are summer crop harvested in March and April. The onions are four months old and the quality has been affected. Around 90% of onions are of medium quality and only 10% of the total arrival are of good quality only. The medium quality onions are getting low prices."

He added, ""Over-supply as compared to demand and poor quality of onions have altogether led to the decline in average wholesale onion prices."

Nanasaheb Patil, director of the National Agricultural Co-operative Marketing Federation of India Ltd, said, "There has been an excess onion production in the country. The oversupply as compared demand has led to decline in wholesale onion prices. The supply is also good in other onion producing states like Madhya Pradesh and Gujarat. Onions are available in all onions producing states at large. Hence, the demand from other states has declined. This has led to drop in onion prices,".

The average wholesale onion price recorded at Rs 350 per quintal on Tuesday at Lasalgaon, against Rs 400 per quintal on Monday. The minimum and maximum prices were recorded at Rs 150 and Rs 500 per quintal, respectively.

Source: http://timesofindia.indiatimes.com/