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Informist, Wednesday, Jul 24, 2024

By J. Navya Sruthi

MUMBAI - Prices of maize rose slightly today due to fall in supply and higher domestic demand, traders said. Prices of rice and wheat in the key mandis were unchanged from the previous day.   

Prices of MAIZE in Chhindwara, Madhya Pradesh, were up by 10 rupees from the previous day at 2,550-2,685 rupees per 100 kg, a local trader said. Prices rose due to lower supply and more demand from poultry farms, traders said.  

At 1629 IST, the most-active December corn contract on the Chicago Board of Trade was at $4.17 per bushel (1 bushel = 27.2 kg), up 0.2% from its previous close.

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 fell by 700 bags to 1,100 bags (1 bag = 100 kg), due to rains, Shah said.

Farmers usually prefer not bringing the crop to mandis during rain as that may increase the moisture level in the grain, and it might be sold at a cheaper rate. The preferable moisture content in the grain is 14%.     

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 2,789.17 rupees per 100 kg, down 2.18 rupees from 2,791.35 rupees per 100 kg on Tuesday, according to the Department of Consumer Affairs.

At 1629 IST, the most-active September wheat contract on the Chicago Board of Trade was at $5.43 per bushel, up 0.1% 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. Sona Masoori rice in Bhavanipuram, Andhra Pradesh, was 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 3,932.52 rupees per 100 kg, down 3 rupees from 3,935.52 rupees per 100 kg from on Tuesday, according to the consumer affairs department.

End

US$1 = 83.72 rupees

Edited by Vandana Hingorani

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