Low prices backfire
While initial estimates predicted a bumper crop of around 2 million mt, estimates now range at 1.8 million mt for the current season. Trouble is also that last year’s crop only reached 1.5 million mt and no stocks, which normally range at 500,000 mt, are available. Part of the problem is that low prices boosted demand and any arrivals are swiftly sold. Traders are now also holding back. The wedding season, in addition, triggered a boom in the market. Prices have soared.
Although sowing was extensive, arrivals have still to pick up m