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Informist, Monday, Jul 29, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat rose in Indore, while those of maize fell in Chhindwara, today, traders said. However, in Karnataka's Davanagere, maize prices were steady from the previous day. Wheat traders expect prices to rise due to the upcoming festival season starting in August.

Prices of mill-quality WHEAT in Indore, Madhya Pradesh, rose by 30–40 rupees per 100 kg to 2,700-2,750 rupees per 100 kg, Lavish Shah, a local trader, said. Arrivals fell by 250 bags from the previous day to 850 bags (1 bag = 100 kg), Shah said.

Prices rose today due to lower arrivals and more demand ahead of the start of a new month, Shah said. Prices of wheat usually rise when a new month is about to start. Arrivals also fell today due to heavy rainfall in the region, Shah said.  

Prices of mill-quality wheat in Vashi, near Mumbai, were steady at 2,750 rupees per 100 kg, Devendra Vora, a wholesale broker, said. The all-India average wholesale price of wheat was 2,793.06 rupees per 100 kg, down 21.64 rupees from 2,814.7 rupees per 100 kg on Sunday, according to the Department of Consumer Affairs.

At 1605 IST, the most-active September wheat contract on the Chicago Board of Trade was at $5.21 per bushel, down 0.5% from its previous close.

Prices of wheat and corn fell on CBOT due to a firm dollar index. A stronger dollar index makes commodities priced in the greenback expensive for holders of other currencies. At 1605 IST, the dollar index, which measures the strength of the greenback against a basket of major currencies, was up 0.12% at 104.45.  

At 1605 IST, the most-active December corn contract on the Chicago Board of Trade was at $4.09 per bushel (1 bushel = 27.2 kg), down 0.24% from its previous close.

Prices of MAIZE in Chhindwara, Madhya Pradesh, were down by 35 rupees per 100 kg at 2,550-2,650 rupees per 100 kg, a local trader said. Meanwhile, maize prices in Davanagere, Karnataka, were steady at 2,850 rupees per 100 kg, Shiva Kumar, a local trader said. He expects prices to fall next week on better crop prospects in the current kharif season. "Production (of maize) is 100% better than last year due to good monsoon," Kumar said. 

As of Friday, maize acreage was up 13.6% on year at 7.9 mln ha, which is mainly due to the early onset of monsoon in top maize-producing states such as Karnataka. During the last kharif season, the sowing of kharif crops was delayed due to erratic monsoon. This also weighed on production of tur and maize and delayed the sowing of rabi crops as well. 

Prices of basmati RICE were steady at 8,000-8,100 rupees per 100 kg in Vashi, wholesale broker Devendra Vora said. The all-India average wholesale price of rice was 3,910.72 rupees per 100 kg, up 14.77 rupees from 3,895.95 rupees per 100 kg on Sunday, according to the consumer affairs department.  

End

US$1 = 83.73 rupees

Edited by Aditya Sakorkar

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