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Informist, Friday, Aug 2, 2024

By J. Navya Sruthi

MUMBAI – Prices of rice, wheat, and maize were steady today in the key markets across the country, traders said. Currently, rice traders await the government's decision to reduce customs duty on exports of the grain.   

Prices of basmati RICE were steady at 8,000-8,100 rupees per 100 kg in Vashi, said Devendra Vora, a wholesale broker. He expects the government to reduce the minimum export price of basmati rice and customs duty on parboiled rice exports by the end of August.

The government will have an idea about the total rice production in India by August-end, and it would take action accordingly, Vora said. So far, the kharif sowing is better than last year, and there is ample rice stock with the Centre, which is why it has allowed states to buy the grain directly from the FCI (Food Corp of India) without participating in the electronic auction, he added.

Currently, basmati rice exports attract a minimum export price of $950 per tn and a 20% duty on parboiled rice exports. The government prohibited the export of broken rice variety in September 2022 and non-basmati white rice in July 2023 to control the soaring prices in domestic markets.

The all-India average wholesale price of rice was 3,929.96 rupees per 100 kg, up 35.05 rupees from 3,894.91 rupees per 100 kg on Thursday, according to the consumer affairs department.

Prices of mill quality WHEAT in Vashi, near Mumbai, were steady at 2,750 rupees per 100 kg, Vora said. The all-India average wholesale price of wheat was 2,761.61 rupees per 100 kg, down 22.78 rupees from 2,784.39 rupees per 100 kg on Thursday, according to the Department of Consumer Affairs.

At 1733 IST, the most active September wheat contract on the Chicago Board of Trade was steady from the previous close at $5.32 per bushel (1 bushel = 27.2 kg).

MAIZE prices in Chhindwara, Madhya Pradesh, were steady from the previous day at 2,550-2,625 rupees per 100 kg, a local trader said. At 1733 IST, the most active December corn contract on the Chicago Board of Trade was at $4.0 per bushel (1 bushel = 27.2 kg), up 0.5% from its previous close.

End

US$1 = 83.75 rupees

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

Edited by Deepshikha Bhardwaj

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