Wheat prices crash in Gombe

Prices of grains have dropped in Gombe markets amid low demand of the produce.

Checks at Gombe Central and Tudun Hatsi grain markets showed that prices of the commodities dropped by about 15 per cent in the past two weeks.

A correspondent of the News Agency of Nigeria (NAN), who visited the markets on Wednesday, reports that traders are facing market glut amid low patronage.

A 100kg bag of maize was sold at N53,000; as against it’s old price of N62,000.

Beans was sold at N105,000; ground nut N160,000, and soybeans N82,000, as against its old prices of N120,000, N175,000 and N100,000, respectively.

Rice indicated similar decrease in prices, as a 100kg bag was selling between N163 and N160,000 as against N168,000 and N165,000 in the past two weeks.

Also, wheat showed significant decrease in prices as a 100kg bag sold for N86,000 as against it’s old price of N110,000.

Traders at the market attributed the trend to drastic decline in the demand of the commodities in the last 14 days.

Ali Musa, Secretary, Tudun Hatsi Grain Market, said the drop in the prices affected local varieties due to low patronage occasioned by the economic crunch in the country.

He said that many residents of the state were not buying grains from the markets due to the bumper harvest recorded this season.

“The supply outweighs the demand in view of the bumper harvest recorded this cropping season. This will push prices further down,” he said.

Musa added that the low purchasing power of the people, especially the workers resulted to the lower demand and drop in prices.

He however said that prices would appreciate when the demand improve in subsequent months.

Also commenting, Lawan Garba, Chairman, Wheat Farmers Association of Nigeria in the state, said the farmer support programmes initiated by the Federal Government bolstered wheat cultivation in the country.

He said the commodity flooded the market resulting to drop in prices.

Garba urged the state government to establish aggregation centres to add value and create market for the agricultural commodities.