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Informist, Wednesday, Aug 14, 2024

By J. Navya Sruthi

MUMBAI – Prices of mill-quality wheat in Rajasthan's Kota were slightly lower today, tracking weak trends in international exchanges and abundant supply in the market, traders said. Prices of rice and maize were steady today in key markets across the country. 

Prices of mill-quality WHEAT at Kota fell by 10–15 rupees to 2,625-2,635 rupees per 100 kg due to weak international prices, Aniket Mehta, a local wheat trader said. Arrivals in Kota were steady at 4,500 bags (1 bag = 50 kg), but supply has increased in the market, Mehta said. Usually, when prices rise, stockists and other private traders also come to the market to sell the grain held by them, he said. 

According to media reports, international wheat futures fell due to the availability of cheaper Black Sea crops, as Eqypt negotiated direct purchases. Egypt is negotiating large direct wheat purchases after buying only 280,000 tn in a tender that sought up to 3.8 mln tn on Monday, Reuters reported. 

At 1545, the most-traded September wheat contract on CBOT was 0.4% down from the previous close at $5.26 per bushel (1 bushel = 27.2 kg).

Prices of mill-quality wheat at Indore in Madhya Pradesh were at 2,725-2,740 rupees per 100 kg, steady from the previous day, while arrivals rose to 2,500 bags (1 bag = 100 kg), Lavish Shah, a local wheat trader said. Arrivals rose as the prices of the grain increased last week, traders said.

Wheat traders expect prices to be firm in coming days, as the government is yet to start the open market sales scheme for the grain. This has increased the number of buyers in the market, leading to more demand for the grain. In addition to this, festival demand is also likely to support prices, traders said.

MAIZE prices in Karnataka's Davanagere were steady at 2,850-2,900 rupees per 100 kg, Shiva Kumar, a local trader said. "There are no arrivals today as there is no crop with farmers currently," he said.

Prices are expected to rise by 50–100 rupees per 100 kg, as stockists are holding the grain and there is also firm demand from poultry farms, Kumar said.

Due to the erratic monsoon last year, Karnataka witnessed drought, which damaged 80% of the maize crop. According to the third advance estimates, Karnataka's maize production in 2023-24 (Jul-Jun) is pegged at 5.49 mln tn, 7% lower from 5.91 mln tn a year ago. India's maize output in 2023-24 is also seen lower at 35.7 mln tn from 38.1 mln tn a year ago.

Prices of basmati RICE were steady at 8,000-8,100 rupees per 100 kg in Vashi, near Mumbai, Devendra Vora, a wholesale trader, said.

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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