Some increase in the price of millet is possible due to low stock and arrival.

08-Jul-2024 07:22 PM

New Delhi. The pace of sowing of millet during Kharif season is slow because farmers are giving priority to the cultivation of high-priced crops.

The stock of millet produced in the last Kharif season has already been consumed. It is produced in a limited area in Rabi and Zaid seasons. Its crop has been harvested and is coming in some places.

Zaid season millet is being supplied in West Uttar Pradesh and Gujarat, but due to the previous stock not being much, its demand remains strong.

There is still a delay of three months in the arrival of new millet of the current Kharif season. If the demand remains strong amid weak supply,

there may be some improvement in the prices. In Uttar Pradesh, the price of millet had earlier fallen to Rs 2000/2025 per quintal, which has now improved and reached Rs 2200/2250 per quintal.

It is worth noting that due to the high prices of wheat and maize, there is a good demand for millet in consumer industries. Distillery plants are seeing good demand for light quality millet.

The previous stock of millet is said to be very low while new goods will start arriving in September-October. According to trade analysts,

the price of millet will generally remain strong between July and September and if the demand increases, the prices may increase by Rs 100 per quintal.

In fact, the equation of supply and availability and demand and consumption of millet has remained complex for the last two years,

so there is not much pressure of arrival in the markets. For the marketing season of 2024-25, the government has increased the minimum support price (MSP) of millet to Rs 2625 per quintal, which is 5 percent more than 2023-24. Earlier, an increase of 6.38 percent was also made in 2023-24.