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Potato prices slump 23% in 10 days; soya oil 6% costlier.

Date: 11-11-2022
Subject: Potato prices slump 23% in 10 days; soya oil 6% costlier
Prices of the potato have crashed by 23% in ten days as traders who were holding on to their stock in anticipation of further rise in prices have started offloading them.

However, prices of soyabean oil - as much ubiquitous in Indian households as potato - have increased almost 6% in the same period as edible oil players have not imported much of soyabean oil in anticipation that farmers will offload good stocks of harvested soyabean in the market.

Prices of potato had soared this year and many traders had not offloaded the tuber in anticipation of further rise. They started releasing the stock as prices remained at a steady level, trade insiders said.

"Now the offloading has started and prices have fallen. A kilo of common variety of Jyoti potato, which was fetching around Rs 30 per kg in the retail market, has now come down to ₹22 per kg," said Patit Paban De, a member at West Bengal Cold Storage Association. "Prices are likely to fall further and this trend is likely to continue till January."

Madhav Sharma, a potato trader from Uttar Pradesh, the largest producer of the tuber, said prices are likely to fall to Rs 19-20 per kg in the coming weeks.

In contrast to the falling potato prices, price of soyabean oil, which is mostly used during the winter season, has moved up to Rs 148 per litre from Rs 140 in the last ten days, industry insiders said.

Pradip Chowdhury, managing director of Gemini Edibles & Fats, said this is because farmers are not offloading their stocks and the edible oil players are not importing oil as they are relying on domestic crop. "Prices may come down if domestic supply of soyabean for crushing increases," he added.

Tarun Satsangi, assistant general manager, research, at Origo Commodities, said soyabean Indore prices have rallied 8% after the removal of stock limits on oil and oilseed for wholesale dealers and big retail chain, which was announced on November 1, 2022.

Prices of good quality soyabean are hovering around ₹5,750 per quintal, up from ₹5,000-5,100 per quintal in October last week.

Source Name:-Economic Times

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