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Informist, Wednesday, Jul 31, 2024

By J. Navya Sruthi

MUMBAI – Prices of maize were down today in Madhya Pradesh's Chhindwara due to prospects of a good crop in the ongoing kharif season, traders said. Wheat and rice prices were steady today in key markets, traders said.  

MAIZE prices in Chhindwara, Madhya Pradesh, were slightly down by 10 rupees per 100 kg at 2,550-2,625 rupees per 100 kg, a local trader said. Prices fell as traders expect a rise in the supply of the grain due to prospects of a good crop in the ongoing kharif season. According to the ministry data, maize acreage was up 13.6% on year at 7.9 mln ha as of Friday.  

Prices of mill quality WHEAT in Vashi, near Mumbai, were steady at 2,750 rupees per 100 kg, Devendra Vora, a wholesale broker, said. He expects wheat prices to rise by 50–100 rupees per 100 kg due to the upcoming festive season. However, the trader said this would not lead to a cut in reduction of import duty, as "50-100 rupees is a very minimal rise". 

Recently, trade associations and manufacturers have urged the government to reduce or remove the 40% import duty on wheat, as it would lead to steady prices of the commodity. The traders were expecting the government to announce a reduction in the import duty in Union Budget last week. "The budget was a disappointment for all traders," Vora said, talking about customs duty on wheat and rice. 

Prices of basmati RICE were steady at 8,000-8,100 rupees per 100 kg in Vashi, wholesale broker Devendra Vora said.

Today, the government has decided to further subsidise the prices of rice and pulses being sold at state-run counters set up in rythu bazaars, Nadendla Manohar, state civil supplies minister, said in a press release today. The revision in prices will be effective Thursday, the release said. 

Price of tur dal, which is currently being sold at a subsidised rate of 160 rupees per kg, has been further cut to 150 rupees per kg, according to the release. Similarly, the subsidised rate of rice has been lowered to 46 rupees a kg from 48 rupees earlier and that of steamed rice cut to 47 rupees from 49 rupees a kg.

End

Edited by Deepshikha Bhardwaj

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