Banana prices, which had crashed just a few months ago, have now shot up. Sources in the wholesale banana market in Mysuru and representatives of the Horticultural Producers’ Co-operative Marketing and Processing Society (HOPCOMS) attribute it to the exceptional hot summer.
“The prices may go up further in the coming days,” said Bore Gowda, President of HOPCOMS, Mysuru.
Though the price of Pachbale in the retail market is hovering around Rs. 28 a kg, the popular Yelakki variety, is being sold at Rs. 58 a kg. However, its HOPCOMS price was Rs. 52 on Friday.
HOPCOMS managing director B.C. Anand said the banana crop requires a good amount of water. And with farmers in Mysuru and Chamarajanagar unable to find sufficient water for the crop this summer, the output has declined.
“But the farmers who have managed to get good yield despite the hot conditions are laughing their way to the bank. The purchase price of bananas by HOPCOMS too has gone up steeply,” Mr. Anand said.
Mr. Anand, a wholesale dealer of bananas at Devaraja Market, added that the price of Yelakki ranges between Rs. 40 to Rs. 55 a kg in the wholesale market, depending on the quality.
Huge jump
According to sources in HOPCOMS, the price of Yelakki variety was hovering in the range of Rs. 30 to Rs. 35 a kg last month. Similarly, the price of Pachbale was in the range of Rs. 14 to Rs. 15 a kg in April.
But the rates began spiking from early May and they may touch Rs. 60, said Mr. Bore Gowda.
“Usually, the price of bananas dips during summer when mangoes hit the market. This year, unusually, the price has gone up,” a HOPCOMS source said.
