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Informist, Monday, Jul 15, 2024

By J. Navya Sruthi

MUMBAI – Prices of rice, maize, and wheat across key markets in India remained unchanged today, traders said. Prices of maize are likely to remain flat in the near term, they said. 

MAIZE was quoted at 2,700 rupees per 100 kg in Davanagere in Karnataka, Shiva Kumar, a local trader, said. There were no arrivals today as the season has ended, Kumar said. Prices are likely to remain unchanged in the near term as there is enough supply in Bihar, Kumar said. Poultry farms in Karnataka are buying maize from Bihar and Tamil Nadu, Kumar said. 

According to the third advance estimate released by the government in June, maize output in Bihar was pegged at 4.6 mln tn, 5.3% higher than 4.4 mln tn a year ago. 

At 1615 IST, the most-active December corn contract on the Chicago Board of Trade was $4.09 per bushel, down 1.3% from its previous close.

Prices of mill-quality WHEAT in Indore, Madhya Pradesh, were unchanged from the previous day at 2,640-2,680 rupees per 100 kg, local trader Lavish Shah said. Arrivals in Indore fell by 250 bags to 1,000 bags (1 bag = 100 kg), due to rainfall in the city, Shah said. Prices of mill-quality wheat in Vashi, near Mumbai, were steady at 2,750 rupees per 100 kg, wholesale broker Devendra Vora said. 

The all-India average wholesale price of wheat was 2,797.37 rupees per 100 kg, down 18.08 rupees from 2,815.45 rupees per 100 kg on Sunday, according to the Department of Consumer Affairs.

At 1615 IST, the most-active September wheat contract on the Chicago Board of Trade was $5.3 per bushel (1 bushel = 27.2 kg), down 2.9% from its previous close.

Prices of basmati RICE were steady at 8,000-8,100 rupees per 100 kg in Vashi, Vora said. Rice rates in Bhavanipuram, Andhra Pradesh were also unchanged at 5,500-6,200 rupees per 100 kg, Ravi Shankar, a local trader, said. 

The all-India average wholesale price of rice was 3,960.77 rupees per 100 kg, down 3.33 rupees from 3,964.1 rupees per 100 kg on Sunday, according to the consumer affairs department.

End

US$1 = 83.59 rupees

Edited by Avishek Dutta

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