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Informist, Thursday, Jul 18, 2024

By J. Navya Sruthi

MUMBAI – Prices of maize rose today in Chhindwara, Madhya Pradesh, due to increased demand and lower supplies, traders said. Prices of wheat and rice in key markets across the country were steady, they said.

Prices of MAIZE in Chhindwara rose by 25 rupees to 2,550-2,675 rupees per 100 kg from the previous day, a local trader said. Prices rose due to lower supply and increased demand from poultry farms and ethanol plants, the trader said. Prices may rise to 2,700 rupees per 100 kg and remain flat, according to the trader.

At 1930 IST, the most-active December corn contract on the Chicago Board of Trade was at $4.08 per bushel (1 bushel = 27.2 kg), down 0.91% from its previous close.

Prices of basmati RICE were steady at 8,000-8,100 rupees per 100 kg in Vashi, wholesale broker Devendra Vora said. Prices of Sona Masoori rice in Bhavanipuram, Andhra Pradesh, were unchanged at 5,500-6,200 rupees per 100 kg, Ravi Shankar, a local trader, said.

The government is likely to cut the floor price for basmati rice exports and set a fixed duty on exports of parboiled rice, given the excess availability of the staple grain in domestic markets, industry officials said. Increased sowing of paddy so far in this year's kharif season has also built pressure in domestic markets, they said. 

The government will definitely reduce the minimum export price for basmati rice exports as there is ample stock available in India, Naveen Kumar, trade director, rice desk, Hectar India Trading Pvt Ltd, told Informist. The ideal minimum export price for basmati rice is $750 per tn. "There is a possibility that it may fix a duty of $100 a tn on exports of parboiled rice," he said.

The all-India average wholesale price of rice was 3,951.09 rupees per 100 kg, down 18.94 rupees from 3,970.03 rupees per 100 kg on Wednesday, according to the consumer affairs department.

Prices of mill-quality WHEAT in Vashi, near Mumbai, were steady at 2,750 rupees per 100 kg, Vora said.

The all-India average wholesale price of wheat was 2,798.26 rupees per 100 kg, down 15.31 rupees from 2,813.57 rupees per 100 kg on Wednesday, according to the Department of Consumer Affairs.

At 1930 IST, the most-active September wheat contract on the Chicago Board of Trade was at $5.41 per bushel, up 0.3% from its previous close.

End

US$1 = 83.65 rupees

Edited by Rajeev Pai

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