More Stories

Informist, Tuesday, Jul 30, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat and rice were steady in key markets across the country, traders said. They expect wheat prices to rise by 50–100 rupees in the near future due to falling supplies in the domestic market even as demand rises. Maize prices in Davanagere were flat while they were slightly down in Chhindwara, traders said.

Prices of mill-quality WHEAT in Indore, Madhya Pradesh, were steady from the previous day at 2,700-2,750 rupees per 100 kg, Lavish Shah, a local trader, said. Arrivals rose 200 bags from Monday to 1,000 bags (1 bag = 100 kg), Shah said, which is the normal number of arrivals. Arrivals fell on Monday due to heavy rainfall in the region.

Prices of mill-quality wheat in Vashi, near Mumbai, were steady at 2,750 rupees per 100 kg, Devendra Vora, a wholesale broker, said.

Wheat traders expect prices to rise by 50–100 rupees per 100 kg in the near term due to festive demand. "Prices are likely to remain upward from now as there will be continuous festival demand till December," Vora said. As the peak arrivals season for wheat has ended, the supply of the grain in domestic markets would also reduce, supporting prices, Shah said.  

At 1610 IST, the most-active September wheat contract on the Chicago Board of Trade was at $5.20 per bushel (1 bushel = 27.2 kg), down 2.1% from its previous close.

MAIZE prices are expected to fall on better crop prospects in the current kharif season, traders said. Prices of maize in Chhindwara, Madhya Pradesh, were down by 15 rupees per 100 kg at 2,550-2,650 rupees per 100 kg, a local trader said. Meanwhile, prices in Karnataka's Davanagere were steady from the previous day at 2,850 rupees per 100 kg, local trader Shiva Kumar said. 

At 1610 IST, the most-active December corn contract on the CBoT was at $4.08 per bushel, down 0.9% 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.

End

US$1 = 83.73 rupees

Edited by Rajeev Pai

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000 

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2024. All rights reserved.