Hoarding of grains by farmers increase commodities prices

Domestic prices of soybean, paddy rice, and sorghum have been rising due to the hoarding activities of the farmers in anticipation of the return of major market off-takers.

Prices of commodities on the Exchange remained stable W-O-W except for maize which gained by 1.87% while in the open market W-o-W, cashew, cocoa, and maize fell by 2.73%, 2.35%, and 0.95% respectively. However, the international prices of most commodities gained W-o-W.

Analysts are forecasting that prices of commodities will continue to increase due to the war in the black sea region which has lasted over 100 days.

Market Price Performance

• Prices of commodities on the Exchange remained stable W-O-W except maize which gained by 1.87%. Y-t-D, all prices on the Exchange gained except sorghum and cocoa that fell by 2.24% and 1.71% respectively.
• In the open market, other commodities gained W-o-W. Cashew, cocoa, and maize fell by 2.73%, 2.35% , and 0.95% respectively. Y-t-D, maize, sorghum, and soybean fell by 15.83%, 9.27%, and 5.08% respectively while cashew and paddy rice gained by 29.10% and 16.88%.
• International price of maize fell by 3.66% W-o-W while most commodities gained compared to their price at the start of the season except cocoa and ginger which fell by 5.31% and 3.56% respectively.

Check out other relevant details on market performance by accessing the report here.