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Informist, Tuesday, Aug 13, 2024

By J. Navya Sruthi

MUMBAI – Wheat prices rose in Mumbai due to firm demand and lower supply, while prices of rice and maize were steady in the key markets across the country, traders said. 

Prices of WHEAT were up by 50 rupees today in Vashi near Mumbai at 2,900 rupees per 100 kg due to higher demand ahead of the festival season, Devendra Vora, a wholesale broker said. The uncertainty about the government's open market sales scheme is also supporting the price, he said.   

Prices of mill-quality wheat in Kota in Rajasthan were steady from the previous day at 2,600-2,650 rupees per 100 kg and arrivals were up by 500 bags (1 bag = 50 bags) to 4,500 bags, Aniket Mehta, a local trader said.

The all-India average wholesale price of wheat was 2,768.51 rupees per 100 kg, up 2.19 rupees from Monday, according to the Department of Consumer Affairs.

The US Department of Agriculture has scaled up its global wheat production estimate for 2024-25 to 798.3 mln tn from 796.2 mln tn projected last month, mainly due to higher output in Ukraine, Kazakhstan and Australia. 

Prices of basmati RICE were steady at 8,000-8,100 rupees per 100 kg in Vashi, Vora said. Rice prices in Bhavanipuram in Vijayawada were also steady from the previous day at 5,500-6,200 rupees per 100 kg, Ravi Shankar, a local trader, said. 

Prices are likely to be steady till mid-September, Vora said, adding that the market will have an idea about the kharif paddy crop by then. As of Monday, the area under paddy was up 4.3% on year at 33.18 mln ha.  

Shankar expects rice prices to rise only if the government reduces the export duty on rice. Currently, there is a ban on exports of the broken rice variety and non-basmati white rice. There is a 20% export duty on parboiled rice and a minimum export price of $950 per tn on basmati.  

The all-India average wholesale price of rice was 3,886.39 rupees per 100 kg, down 2.09 rupees from Monday, according to the Department of Consumer Affairs. 

MAIZE prices in Karnataka's Davanagere were steady from the previous day at 2,850-2,900 rupees per 100 kg, Shiva Kumar, a local trader said. Prices are likely to rise by 50–100 rupees per 100 kg in the coming days due to a shortage of the crop, Kumar said. 

Currently, maize sowing in Karnataka is higher than last year and if the monsoon continues to be above normal, then the prices are likely to fall to 2,000-2,200 rupees per 100 kg by September-end, Kumar said. The area sown under maize in Karnataka as of Friday was 1.51 mln ha, up from 1.4 mln ha a year ago, according to the state agriculture department.   

End

Edited by Saji George Titus

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