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Agricultural produce has never had steady prices all year round.
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Consumers go to the market in order to purchase commodities or goods they need. In the process of buying these goods, they pay for their value interms of currency unit of that country. Applying this in agricultural produce, the Price of Agricultural produce is the amount of money a person have to pay in order to buy that produce.
Agricultural produce do not always have a steady price. The prices of farm produce is usually influenced by some conditions like Change in cost of production for example, the rent paid for land, cost of farm inputs, labour and transport rise, the farmers total cost of farm produce will increase. For a poultry farmer, an increase in the cost of day old chicks feed and drugs will lead to increase in the price of eggs in the market.
Also Seasonal Produce is another factor that determines the price of Agricultural produce. Depending on the season, there are definite peeiods of high and low production for different Agricultural produce and the prices vary depending on the season.
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The price of agricultural produce usually falls due to excessive supply to the market during the season of produce and asl rises to the peak during the off season period.
Market price of an agricultural produce to other competing substitute can cause a change in the price of the produce. For example, sudden increase in the price of yam in the market can lead to consumers shifting to related food stuff like potatoes. This shift will bring down the price of yam.
Moreso, The Quantity or Amount of a produce in the market can affect the price of a farm produce. An increase in the amount of produce as a result of improved method of farming will lead to over supply of that produce into the market and when the supply of a produce is more than the demand, the price of that produce will be forced to drop down.
Another point to consider is Government Policy. The prices of agricultural produce can be influenced political event such as removal of fuel subsidy, this situation could increase the prices of fuel which will inturn lead to higer transportation cost and sharp rise in the prices of farm produce.
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These are some of the factors that affect the prices of agricultural produce in the market. Bearing them in mind helps both the farmer, individuals and government make smarter choices.
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