Food commodity prices outlook for the month of March have been projected to drop.
Data released on the performance of commodities for the month of February by Esoko, explained that this projection is based on the sentiments of farmers to sell all their old stock to raise enough money to purchase input for the new season.
However, the net effects of the close of February commodity trading, with price picking up, the early part of March should be expected to see this effect remaining.
February Performance
Most commodities made gains in the month of February. However, majority of the gains made were less than 5 percent. Groundnut made gains of 4.09 percent to close at GHc 479.10 per bag. Pona also increased by 2.52 percent to close at GHc 596.82 with Maize gaining 2.49 percent to close GHc 146.26 per bag. Millet gained 1.31 percent to close at GHc 232.29 per bag with local rice also gaining 1.24 percent to close at GHc 326.71. Soya gained 1.14 percent to close at GHc 240 per bag.
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The price of Gari gained 14.40 percent to close at GHS 183.04 with Wheat also gaining 14.38 percent to close at GHS 288.80 per bag. Fresh cassava gained 6.72 percent to close at GHS 66.34 per bag.
CROP ANALYSIS
Maize
The average price for a bag of maize gained 2.49 percent to close the month at GHc 146.26. The highest price of GHc 190 was recorded at Takoradi with the lowest price of GHc 115 recorded at Bawku.
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Rice Local
The average price for a bag of local rice gained 1.24 percent to close the month at GHS 326.71. The highest price GHS 400 was recorded at Accra with the lowest price of GHS 274 recorded at Tamale.
Tomato
The average price for a crate of tomato lost 5.25 percent to close the month at GHc 417.69. The highest price GHc 533 was recorded at Dambai and the lowest price of GHc 325 recorded at Accra.
Tomato prices over the month have been very unstable with prices being very high in the first two weeks and dropping in the third week. In the last week of the month of February, the commodity traded mixed on the various markets with some experiencing high prices while others recorded low prices.
Source: goldstreetbusiness