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Informist, Tuesday, Aug 6, 2024

By J. Navya Sruthi

MUMBAI – Prices of maize, rice, and wheat were steady today in key markets across the country, traders said. Maize traders expect prices to reach 3,000 rupees per 100 kg soon on lower supply, traders said.

MAIZE prices were steady today in Madhya Pradesh's Chhindwara and Karnataka's Davanagere, traders said. Prices of maize in Chhindwara were at 2,550-2,600 rupees per 100 kg, and those in Davanagere were at 2,850 rupees per 100 kg, traders said.  

There are no arrivals today in the market, Shiva Kumar, a local trader from Davanagere said. Traders are expecting the local maize price to increase to 3,000 rupees per 100 kg or more due to the shortage, he said. Though poultry farms are offering 2,900-2,950 rupees per 100 kg, which is higher than the market price, no trader is selling maize at that price, Kumar said.   

At 1740 IST, the most active December corn contract on the Chicago Board of Trade was at $4.02 per bushel, down 1.04% from its previous close.

Prices of basmati RICE were steady at 8,000-8,100 rupees per 100 kg in Vashi, near Mumbai, wholesale broker Devendra Vora said. The all-India average wholesale price of rice was 3,898.85 rupees per 100 kg, down 10.57 rupees from 3,909.39 rupees on Monday, according to the consumer affairs department.

Today, the Mint newspaper reported, quoting NITI Aayog Member Ramesh Chand, that the ban on the export of non-basmati white rice may be lifted due to the good rains and higher paddy cultivation. Comfortable buffer stocks have also eased concerns of a shortage, he said.

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 at 2,775.20 rupees per 100 kg, down 3.80 rupees from 2,779.00 rupees per 100 kg on Monday, according to the Department of Consumer Affairs.

At 1740 IST, the most active September wheat contract on the CBoT was $5.36 per bushel, down 0.7% from its previous close.

End

US$1 = 83.95 rupees

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

Edited by Saji George Titus

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