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Informist, Tuesday, Aug 20, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat, rice, and maize were steady in key markets across the country today, traders said. Wheat arrivals fell after Monday's Raksha Bandhan celebrations, they said.

Prices of mill-quality WHEAT were steady at 2,600-2,625 rupees per 100 kg from the previous day in Kota, Rajasthan, Aniket Mehta, a local trader, said. Arrivals were at 1,800 bags (1 bag = 50 kg), he said. 

In Indore, Madhya Pradesh, prices were steady, but arrivals fell following Monday's Rakhi celebrations, traders said. Prices were steady at 2,725-2,740 rupees per 100 kg and arrivals fell to 800 bags (1 bag = 100 kg), Lavish Shah, a local trader, said.

On Monday, the Kota and Indore mandis were shut for Raksha Bandhan. Prices of mill-quality wheat were steady from the previous day in Vashi near Mumbai at 2,900 rupees per 100 kg, local broker Devendra Vora said.

The all-India average wholesale price of wheat was 2,767.34 rupees per 100 kg, down 31.59 rupees from 2,798.93 rupees per 100 kg on Monday, according to the Department of Consumer Affairs.

Prices of MAIZE were steady from the previous day in Karnataka's Davanagere, a local trader said. Prices are likely to rise by 50–100 rupees per 100 kg in the near term, traders said.

Prices of maize were at 2,850-2,900 rupees per 100 kg, Shiva Kumar, a trader in Davanagere, said. "There were no arrivals today as farmers have sold their stocks," he said. Currently, local poultry farms are using their stocks of maize while others are buying from Madhya Pradesh, he added.

Due to the erratic monsoon last year, Karnataka witnessed a drought which damaged 80% of the state's maize crop. This led to lower production last year. According to the third advance estimates, Karnataka's maize production for 2023-24 (Jul-Jun) was pegged at 5.49 mln tn, 7% lower from 5.91 mln tn a year ago. 

Prices of basmati RICE were steady at 8,000-8,100 rupees per 100 kg in Vashi, said Vora. The all-India average wholesale price of rice was 3,883.50 rupees per 100 kg, down 97.83 rupees from 3,981.33 rupees per 100 kg on Monday, according to the consumer affairs department.

Meanwhile, the country's paddy acreage as of today was up 6% on year to 36.9 mln ha and acreage of maize was up 7% at 8.7 mln ha. The above-normal rainfall in July and August supported the kharif sowing as most kharif crops are heavily reliant on rainfall. Staggered withdrawal of the monsoon would benefit kharif crops while improving the soil moisture for the rabi season too, according to agricultural experts.

End

Edited by Rajeev Pai

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