More Stories

Informist, Wednesday, Aug 7, 2024

By J. Navya Sruthi

MUMBAI – Prices of maize were down marginally due to the prospects of a good crop, traders said. Prices of wheat and rice were steady. 

MAIZE prices were down by 10 rupees from the previous day at 2,500-2,590 rupees per 100 kg in Chhindwara, Madhya Pradesh, a local trader said. The area under maize in the current kharif season is higher than last year due to above-normal rainfall in major maize-producing states like Karnataka, traders said. The prospect of a good crop is putting pressure on maize prices, they said.

However, prices in Karnataka's Davanagere remained elevated as there were no arrivals and there is high demand from poultry farms, local traders said. Currently, maize prices are at 2,850 rupees per 100 kg, traders said.   

At 1945 IST, the most active December corn contract on the Chicago Board of Trade was at $4.03 per bushel (1 bushel = 27.2 kg), down 0.6% 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. Rice traders are looking for the government to relax customs duty on rice exports, due to ample stocks in the domestic market, traders said.

The all-India average wholesale price of rice was 3,905.74 rupees per 100 kg, up 8.54 rupees from 3,897.2 rupees on Tuesday, according to the consumer affairs department.

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 2,770.65 rupees per 100 kg, down 4.59 rupees from 2,775.24 rupees per 100 kg on Tuesday, according to the Department of Consumer Affairs.

At 1945 IST, the most active September wheat contract on the CBoT was $5.36 per bushel, down 1.3% 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 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.