Mandi Updates: Onion Prices Decline across Wholesale Markets

The average wholesale prices of onion decreased across the benchmark markets as of March 27, 2024, according to the data from the Agmarknet portal run by the Union Ministry of Agriculture and Farmers Welfare.

The month-on-month average wholesale prices of onion fell by around Rs 51.9 per quintal to Rs 2,162.89 in March. The prices slumped in Bihar, Andaman and Nicobar, Karnataka, Manipur, and Meghalaya. In Andaman and Nicobar Islands, the prices slumped by 54.28% to Rs 3,429 per quintal, followed by a 33.46% fall to Rs 2,364 in Bihar.

However, the wholesale prices of the essential agri-commodity skyrocketed in Madhya Pradesh. The onion wholesale prices in the state increased by a whopping 125.8% to Rs 1,488 per quintal, followed by a 25.65% increase to Rs 1,984 in Chandigarh.

The prices of the bulbous crop rose in several states and union territories such as Goa, Gujarat, Haryana, Himachal Pradesh, Jammu and Kashmir, Kerala, Maharashtra, and Delhi. They also rose in Odisha, Punjab, Rajasthan, Telangana, Tripura, Uttar Pradesh, and West Bengal.

Recently, the Government has instructed the National Cooperative Consumers' Federation (NCCF) and the National Agricultural Cooperative Marketing Federation of India (NAFED) to procure 5 lakh tonnes of onions directly from farmers. 

This aims to meet buffer requirements as the Rabi-2024 harvest enters the market. The initiative includes pre-registering onion farmers and transferring payments directly to their bank accounts through the Direct Benefit Transfer system, streamlining the procurement process.

For those interested in exploring the prices of various crops in their respective state markets, the official website agmarknet.gov.in provides a comprehensive list. Understanding the price dynamics of different crops and their quality assessment remains pivotal in navigating market fluctuations for farmers and traders alike.