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Informist, Tuesday, Aug 27, 2024

By J. Navya Sruthi

MUMBAI – Mandis in Kota, Rajasthan, and Vashi, Maharashtra, were closed today for Janmashtami celebrations, traders said. Prices of maize were steady in Davanagere, Karnataka. Wheat rates were also flat in Indore, Madhya Pradesh, they said. 

Prices of WHEAT in Indore were unchanged from the previous day at 2,735-2,750 rupees per 100 kg, Lavish Shah, a local trader, said. Arrivals were also normal at 1,100 bags (1 bag = 100 kg), Shah said. There was not much trade owing to the Janmashtami celebrations, traders said.

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 fresh arrivals and local poultry farms used up their stocks while others bought from Bihar and Madhya Pradesh, Kumar said. The new maize arrivals in Karnataka will start around October, Kumar said.

In the last kharif season, Karnataka witnessed drought conditions, which weighed on maize sowing and affected almost 80% of the crop sown. Karnataka witnessed a 25% deficit in rainfall during the southwest monsoon season in 2023-24, according to the state acreage report.

According to the third advance estimates, Karnataka's maize production for 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 is also seen lower at 35.7 mln tn during 2023-24, compared to 38.1 mln tn a year ago.

However, the area under maize in Karnataka is better than normal this year, according to the state acreage report. As of Friday, farmers in the state have sown 1.6 mln ha, up from 1.5 mln ha a year ago, data from the state's agriculture report showed.

Meanwhile, wheat and corn contracts on the Chicago Board of Trade traded lower today. At 1630 IST, the most-traded December corn contract on the CBOT was down 0.3% from its previous close at $3.85 per bushel (1 bushel = 27.2 kg). Corn prices fell due to lower US exports, Dow Jones reported, saying the total exports for the week ended Aug 22 were 894,295 tn, against 1.21 mln tn the previous week.  

At 1630 IST, the most-traded December wheat contract on the CBOT was down 0.7% from its previous close at $5.21 per bushel. 

End

US$1 = 83.93 rupees

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

Edited by Rajeev Pai

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