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Informist, Friday, Aug 23, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat, rice, and maize were steady today in key markets across the country. Despite a rise in wheat arrivals in Rajasthan's Kota, prices were steady owing to increased demand ahead of festivals, traders said.

The prices of mill-quality WHEAT were steady from Thursday at 2,600-2,625 rupees per 100 kg in Kota, Aniket Mehta, a local trader, said. Arrivals rose significantly to 6,000 bags (1 bag = 50 kg) from 2,500 bags the previous day as the weather was favourable, Mehta said.

The Financial Express newspaper reported that the government is likely to start open market sales of wheat in September. The food ministry has allocated 2.5 mln tn of wheat from the Food Corp of India's stocks for open market sales for the current financial year, according to the report.

This report might exert some pressure on wheat prices, traders said. However, firm demand during the festival season is likely to prevent a large fall in prices, they said.

Meanwhile, the price of the same variety of wheat in the market at Vashi in Maharashtra was also steady from the previous day at 2,950 rupees per 100 kg, Devendra Vora, a local wholesale broker, said. 

At 1820 IST, the most-traded December wheat contract on the Chicago Board of Trade was down 0.7% from its previous close at $5.32 per bushel (1 bushel = 27.2 kg). Wheat futures were trading lower today on expectations of a rise in supply, according to various media reports.

Russia, the world's largest wheat exporter, is expected to harvest a bumper crop in 2024-25 (Jul-Jun), and the US also expects a large wheat harvest, according to reports. Further, Argentina’s 2023-24 (Apr-Mar) wheat harvest is likely to have been higher at 14.7 mln tn, Grain Journal reported, citing the Buenos Aires grains exchange Thursday. "Argentina is a leading exporter of wheat, and recent rains in key agricultural areas have improved the condition of crops, which had been hit by drought and frost earlier in the season," Grain Journal reported.

The price of 1509 basmati RICE at Vashi was steady at 7,000-7,500 rupees per 100 kg today, and that of 1401 basmati rice variety was also steady at 7,300 rupees per 100 kg, Vora said.

MAIZE prices were steady today in Madhya Pradesh's Chhindwara at 2,500-2,590 rupees per 100 kg, Niraj Sahu, a local trader, said. 

At 1820 IST, the most-traded December corn contract on the CBOT was up 0.32% from its previous close at $3.94 per bushel, owing to the weaker dollar index, which makes commodities priced in the greenback cheaper for overseas buyers. At 1817 IST, the dollar index, which measures the strength in the greenback against a basket of six major currencies, was down 0.1% at 101.46.

End

US$1 = 83.89 rupees

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

Edited by Rajeev Pai

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