Finance News
Complete Finance & Business News Journal

Pulses, oil seed prices firm up on rains, pest attacks

12

NEW DELHI: Heavy rain and pest attacks on ripening crops have elevated the prices of pulses and oil seeds by up to 10 per cent up to now week.

Prices of moong and urad have elevated by 10 per cent to Rs 62 a kg after heavy rains in Maharashtra, Madhya Pradesh and Karnataka, mentioned Suresh Aggarwal, president of All India Dal Mill Affiliation.

“Prices of different pulses too have elevated attributable to this issue. Waterlogging in fields is an enormous concern and we anticipate prices to stay firm within the brief run. Nonetheless, prices can stabilise if the federal government extends the deadline to import urad until December,” mentioned Aggarwal.

Soybean Processors Affiliation of India chairman Davish Jain mentioned prices elevated by 6 per cent to Rs 41 a kg within the final one week attributable to harm to soya bean crop in Madhya Pradesh. “We anticipate a 10 per cent to 12 per cent drop in manufacturing attributable to very heavy rains and variation in temperature, making a congenial surroundings for large-scale pest assault on the soya bean crops.” he mentioned.

Pest attacks have additionally been reported on the cotton crop in Punjab and Haryana the place prices have gone up by 5 per cent up to now week, merchants mentioned. The rise in sale worth of cotton by Cotton Company of India (CCI) additionally contributed to the rise, they mentioned.

“On greater than 40,000 hectares in Haryana and 20,000 hectares in Punjab, the cotton crop has been hit by bacterial blight, a fungal and bacterial illness, within the final one week after the heavy spell of rains on August 20-21. If it spreads, then extra harm is anticipated. Additional, the white fly pest assault has additionally elevated this 12 months,” mentioned Mahesh Sharda, president, Indian Cotton Affiliation.

Guar prices additionally rose 5 per cent after heavy rains in most elements of Rajasthan after an extended dry spell, mentioned PK Hissaria, president, Indian Guar Gum Producers’ Affiliation. He mentioned prices could be risky till the brand new crop is harvested in October. In rain-fed areas, farmers could improve the acreage attributable to water availability, he mentioned. Guar gum was being traded at Rs 65 a kg whereas guar seed was at Rs 41 a kg in Jodhpur mandi on Monday. Merchants have been additionally hopeful of demand from the worldwide exploration sector selecting up by October.

Get real time updates directly on you device, subscribe now.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Translate »