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Informist, Monday, Aug 5, 2024

By J. Navya Sruthi

MUMBAI – Prices of rice and wheat were steady today in key markets in the country, traders said. Prices of maize were slightly down on prospects of a good crop in the current kharif season, traders said. 

RICE rates in Bhavanipuram, Andhra Pradesh, were unchanged from the previous day at 5,500-6,200 rupees per 100 kg, Ravi Shankar, a local trader, said. Prices of basmati rice were steady at 8,000-8,100 rupees per 100 kg in Vashi, near Mumbai, Devendra Vora, a wholesale broker, said.

The state government's decision to sell rice at a subsidised rate will not weigh on prices as people are not interested in buying the grain due to the complications involved, Shankar said. People are being asked for their address and contact number to buy the rice at subsidised rates, the trader said, which is not being liked by most customers and hence they are not buying.

Last week, the Andhra Pradesh government decided to further subsidise the prices of rice and pulses being sold at state-run counters set up in rythu bazaars. Tur dal, which was earlier being sold at a subsidised rate of 160 rupees per kg, has been further cut to 150 rupees per kg. Similarly, the subsidised rate of rice was lowered to 46 rupees a kg from 48 rupees earlier, and that of steamed rice to 47 rupees from 49 rupees a kg.

Also, the Centre last week announced that rice-deficient states could directly buy the grain from the Food Corp of India without participating in the electronic auction. The states can buy grain at 2,800 rupees per 100 kg from the FCI. This would help state governments to control rice prices or even curb them if necessary, experts said.

The all-India average wholesale price of rice was 3,917.95 rupees per 100 kg, up 66.96 rupees from 3,850.99 rupees per 100 kg on Sunday, according to the consumer affairs department.

MAIZE prices in Chhindwara, Madhya Pradesh, were down 20 rupees from the previous day at 2,550-2,600 rupees per 100 kg, a local trader said. Prices fell as traders expect supply of the grain to rise owing to the prospects of a good crop in the current kharif season, the trader said. According to data from the agriculture ministry, maize acreage was up 10.3% on year at 8.2 mln ha as of Friday.

At 1625 IST, the most active December corn contract on the Chicago Board of Trade was at $4.0 per bushel (1 bushel = 27.2 kg), down 0.7% from its previous close.

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

The all-India average wholesale price of wheat was 2,779 rupees per 100 kg, down 16.25 rupees from 2,795.25 rupees per 100 kg on Sunday, according to the Department of Consumer Affairs.

At 1625 IST, the most-active September wheat contract on the CBoT was $5.3 per bushel, down 1.6% from its previous close.

End

US$1 = 83.85 rupees

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

Edited by Rajeev Pai

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