New Millet Crop Arrival Lowers Prices
The arrival of the new Sathi millet crop in western Uttar Pradesh has led to a significant price decline. Over the past two days, prices have dropped by $0,006 per kg. With the crop quality being high and corn prices decreasing, it is anticipated that millet prices will fall by another $0,012 per kg, making the business profitable again. There is currently no significant stock of old millet in producer and distributor markets.
Sathi Millet Prices in Uttar Pradesh
New Sathi millet has started arriving in Hathras, Raya, Ijlas, Khair, Kasani, and Mathura lines in UP, with prices ranging from $0,257 – $0,259 per kg, depending on quality. Old millet stocks are still available in Etawah, Mainpuri, Etah, and Bharatpur lines. But are not meeting consumption needs, leading to a fast-moving market. The arrival of the new crop has caused the price in Barwala to drop from $0,282 to $0,274 per kg.
Potential Price Drop Predicted
With four months left for the main crop to arrive, and sowing not yet started, the market is reacting to the summer crop’s arrival. Prices are expected to drop to $0,246 per kg in the Hathras line. Traders note that maize is selling between $0,252 and $0,258 per kg, and millet prices generally follow maize trends, indicating a possible $0,012 per kg drop. Sowing for the main millet crop will begin by the end of the month with pre-monsoon rains. Therefore, the market might fall again as summer millet arrivals increase.
Traders suggest waiting before buying millet at current prices, predicting that the market could decline by another $0,009 to $0,012 per kg in the next ten days due to increased arrivals.