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Informist, Tuesday, Jul 16, 2024

By J. Navya Sruthi

MUMBAI – Prices of maize, wheat, and rice were steady in key markets across the country, traders said. Prices of maize and wheat are seen steady till the end of July. 

Prices of MAIZE in Davanagere in Karnataka and Chhindwara in Madhya Pradesh were unchanged at 2,700 rupees per 100 kg and 2,500-2,600 rupees, respectively, traders said. Traders in Davanagere expect prices to remain steady, as poultry farms are buying maize from Bihar with local traders holding on to their stocks.

At 1650 IST, the most-active December corn contract on the Chicago Board of Trade was $4.08 per bushel, up 1% from its previous close.

Prices of mill-quality WHEAT in Vashi, near Mumbai, were steady at 2,750 rupees per 100 kg, wholesale broker Devendra Vora said. Vora expects wheat prices to remain steady as the market awaits the government's confirmation about the open market sales scheme.

The government has announced an open market sale scheme policy for 2024-25 (Apr-Mar) under which the reserve price of fair and average quality wheat has been fixed at 2,325 rupees per 100 kg, according to a letter from the Ministry of Consumer Affairs, Food, and Public Distribution to the Food Corp of India. According to the document, the price of wheat under reduced specifications was set at 2,300 rupees per 100 kg.

The all-India average wholesale price of wheat was 2,789.48 rupees per 100 kg, down 7.89 rupees from 2,797.37 rupees per 100 kg on Monday, according to the Department of Consumer Affairs.

At 1650 IST, the most-active September wheat contract on the Chicago Board of Trade was at $5.36 per bushel (1 bushel = 27.2 kg), up 0.7% from its previous close.

Prices of basmati RICE were steady at 8,000-8,100 rupees per 100 kg in Vashi, Vora said.

The all-India average wholesale price of rice was 3,941.41 rupees per 100 kg, down 19.36 rupees from 3,960.77 rupees per 100 kg on Monday, according to the consumer affairs department.

End

US$1 = 83.58 rupees

Edited by Rajeev Pai

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