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Informist, Tuesday, Jul 23, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat, rice, and maize were steady today in key markets across the country, traders said. The All India Starch Manufacturers' Association has urged the government to reduce the import duty on maize amid high domestic prices, according to media reports. 

In a communication with Santosh Sarangi, additional secretary and director general, Directorate General of Foreign Trade, the All India Starch Manufacturers' Association urged the government to reduce the import duty on maize to 0% immediately from 50% at present, news aggregator Chinimandi reported today.

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. At 1940 IST, the most-active December corn contract on the Chicago Board of Trade was at $4.18 per bushel (1 bushel = 27.2 kg), up 0.7% from its previous close.

In June, India had allowed duty-free imports of 498,900 tn of maize under the tariff-rate quota. Importers pay nil or lower duty under the tariff-rate quota, as the government tries to bring down food inflation.     

Prices of mill-quality WHEAT in Indore, Madhya Pradesh, were steady at 2,650-2,680 rupees per 100 kg, Lavish Shah, a local trader, said. Arrivals were also steady at 1,800 bags (1 bag = 100 kg), he added. 

Prices of mill-quality wheat in Vashi, near Mumbai, were steady at 2,750 rupees per 100 kg, Devendra Vora, a wholesale trader, said. The all-India average wholesale price of wheat was 2,791.35 rupees per 100 kg, largely unchanged from 2,790.44 rupees per 100 kg on Monday, according to the department of consumer affairs.

At 1940 IST, the most-active September wheat contract on the Chicago Board of Trade was at $5.45 per bushel, down 0.4% 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 3,935.52 rupees, down 11.99 rupees from 3,947.51 rupees per 100 kg on Monday, according to the consumer affairs department.

End

US$1 = 83.68 rupees

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Tanima Banerjee

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