Pune: According to agricultural market experts, as the State has seen sufficient rainfall in the monsoon season, the rates of agricultural commodities like soyabean, cotton, corn and others have seen a drop in the futures markets.
Arun Kulkarni, a market expert, noted that there has been a significant decrease in rates of these commodities in the National Commodity and Derivatives Exchange (NCDEX) and Multi Commodity Exchange (MCX).
Almost all agri commodities have seen a fall in their rates due to constant and sufficient rains over last week. Wheat prices were stable but guar seed (7.4 pc), soyabean (4.3 pc) and turmeric (3.2 pc) saw the steepest falls in prices in the futures market. Though the government is trying to keep the rates at more than the Minimum Support Price, the possibility of a large yield has reflected in decline in the rates.
Over the last week, in the MCX and NCDEX, the rates of kharif maize and rabbi maize increased by 1 pc and stabilised at Rs 1,351 per quintal. Rates of sugar were falling in the month of July, a slump which continued and caused a further 0.3 per cent decline in rates, stabilising at Rs 3,132 at the Kolhapur spot market from the earlier Rs 3,375. The futures rates for March 2019 are currently at Rs 3,149.
Soyabean futures for October 2018 up to July were at around Rs 3,543 to 3,307. These have slumped down by 4.3 per cent and fallen to Rs 3,183 per quintal. The spot rates for soyabean in the Indore market remained at around Rs 3,300. However the futures rates for January and February 2019 are set at around Rs 3,313 and Rs 3,373, while the MSP declared for soyabean is Rs 3,399. Soyabean is expected to float around the MSP post-October. Turmeric, which was at Rs 7,250 until July, increased to Rs 7,400 for a quintal. But this week the rates have slumped by 3.2 pc and have come to Rs 6,800 at the Hyderabad spot market. The futures rates are less by 1.9 pc at Rs 6,890. The rates are further expected to slump due to increase in production. Wheat is seeing rates for November 2018, higher by 1.2 pc at Rs 1,995 compared to the spot rate of Rs 1,978.
Cotton for October 2018 was rising in July and were around Rs 24,120, but have fallen by 1.2 pc and come at Rs 23,190 for a 140 kg heap, last week in the Rajkot spot market. The December 2018 futures are at Rs 22,770. Even though there has been less cultivation of cotton this year, the sufficient rains are said to be the reason behind the slump.