October Agric market update: Harvest, Abundant, and Scarcity
Is Beans now on a free fall, could this be what we are expecting?
Happy new month and independence, the economy has enjoyed its roller coaster and here we are with some harvest getting ready for distribution.
AGRIC PRODUCE OVERVIEW
Beans Price Plummet;
The price of beans which continues to reach all-time height has taken a turn around, first let us examine this bearish run and let us hope it last before festivity season demand catches up.
- As forecasted the beans market has a dip and this is expected to continue as the previous height is just too extreme, but still we can’t be expecting a return to a 50kg bag for ₦14,000 as of last year. As the supply chain has completely changed and measuring an Agriculture produce cost and productivity is denominated by the index of input cost, which has likewise changed. And the figure is not lying about this as the core inflation index that represents energy and food continues to experience a height.
- As this harvest will continue to reduce the increase in food, also noteworthy is the increase in oil that has always been a blessing and something to worry about for our country, with Uk. oil scarcity and China energy demand. This height cost of oil which peaks at the height of $80 per barrel could also affect the logistics of produce. Productivity has not all uniform across the country as the climate is hitting hard having some north states experiencing famine, like Jigawa, and others Flood like Yobe. All this coupled with the festivity demand can leave this curve not meet much expectation.
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