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Informist, Monday, Aug 26, 2024

By J. Navya Sruthi

MUMBAI – Wheat prices in Rajasthan's Kota and maize prices in Karnataka's Davanagere today were steady compared to the previous day, traders said. Mandis in Indore, Madhya Pradesh and Vashi, Mumbai were closed today on account of Janmashtami, traders said. On Tuesday, Rajasthan's Kota mandi will also remain shut along with Indore and Vashi on account of Janmashtami celebrations, traders said. 

Prices of WHEAT in Kota were unchanged from the previous day at 2,600-2,625 rupees per 100 kg, Aniket Mehta, a local trader, said. However, arrivals fell today due to Janmashtami celebrations, Mehta added. Today's arrivals in Kota mandi were at 1,500 bags (1 bag = 50 kg), against 6,000 bags on Friday. 

Prices of MAIZE were steady at 2,850-2,900 rupees per 100 kg in Davanagere, Shiva Kumar, a local trader, said. There were no arrivals in Davanagere and local poultry farms used up their stocks while others bought from Madhya Pradesh, Kumar said.  

Meanwhile, wheat and corn contracts on the Chicago Board of Trade traded lower today due to mild strength in the dollar. At 1610 IST, the dollar index, which measures the strength in the greenback against a basket of six major currencies, was up 0.1% at 100.76. A stronger dollar makes commodities priced in the greenback expensive for overseas buyers, this reducing demand. 

At 1610 IST, the most-traded December wheat contract on the CBOT was down 0.6% from its previous close at $5.25 per bushel (1 bushel = 27.2 kg). At 1610 IST, the most-traded December corn contract on the CBOT was down 1.1% from its previous close at $3.86 per bushel.

End

US$1 = 83.90 rupees

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

Edited by Tanima Banerjee

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