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Informist, Friday, Jul 19, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat, rice, and maize were steady in key markets across the country, traders said. The area under paddy so far in the kharif season was up 6.7% on year at 16.6 mln ha, data from the farm ministry showed. This is likely to weigh on rice prices, industry sources said.

Prices of mill-quality WHEAT in Indore, Madhya Pradesh, were steady at 2,650-2,680 rupees per 100 kg, local trader Lavish Shah said. Arrivals were at 1,000 bags (1 bag = 100 kg), he said.

The all-India average wholesale price of wheat was 2,794.06 rupees per 100 kg, largely unchanged from 2,794.81 rupees on Thursday, according to the Department of Consumer Affairs.

The International Grains Council has raised its global grain output estimate for 2024-25 by 9 mln tn to 2,321 mln tn. India's wheat production in 2023-24 is estimated at 110.6 mln tn, unchanged from the previous estimate, IGC said.

At 2010 IST, the most-active September wheat contract on the Chicago Board of Trade was $5.6 per bushel, up 3.8% from its previous close.

Prices of MAIZE in Chhindwara, Madhya Pradesh, were unchanged from the previous day at 2,550-2,675 rupees per 100 kg, a local trader said. The acreage under maize was up 7.6% on year at 6.8 mln ha as of today, data from the farm ministry showed.  

According to IGC, the maize output estimate for 2024-25 is 1,225 mln tn, largely unchanged from 1,223 mln tn last month and 1,224 mln tn in the previous year. The consumption estimate stands revised to 1,230 mln tn from 1,228 mln tn a month ago and 1,222 mln tn last year, the council said.

At 2010 IST, the most-active December corn contract on the Chicago Board of Trade was $4.1 per bushel (1 bushel = 27.2 kg), up 1.3% from its previous close.

The all-India average wholesale price of RICE was 3,946.43 rupees per 100 kg, down 4.56 rupees from 3,950.99 rupees on Thursday, according to the consumer affairs department.

India's rice production in 2023-24 is seen at 136.7 mln tn, unchanged from last month. The forecast for India's rice exports for 2023-24 and 2024-25 remains unchanged at 15.1 mln tn and 17.3 mln tn, respectively.

End

US$1 = 83.66 rupees

Edited by Ashish Shirke

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