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Informist, Thursday, Aug 29, 2024

By J. Navya Sruthi

MUMBAI – Wheat prices in Madhya Pradesh's Indore were up slightly today due to lower arrivals, while they were steady in Mumbai's Vashi and Rajasthan's Kota, traders said. Prices of maize and rice were unchanged from the previous day in key wholesale markets, traders said. 

Prices of mill-quality WHEAT rose 10–15 rupees to 2,740-2,765 rupees per 100 kg in Indore due to lower arrivals, Lavish Shah, a local trader said. Arrivals fell by 200 bags to 1,600 bags (1 bag = 100 kg), Shah said. Uncertainty about the government's weekly wheat sales is also supporting the wheat prices, traders said. 

Wheat prices were steady in Vashi and Kota today. Prices of mill-quality wheat were at 2,975 rupees per 100 kg in Vashi and 2,600-2,625 rupees per 100 kg in Kota, traders said. Arrivals were also steady in Kota at 9,000 bags (1 bag = 50 kg, Aniket Mehta, a local wheat trader, said. 

Meanwhile, wheat prices on the Chicago Board of Trade fell due to a firm dollar index. A stronger dollar makes dollar-denominated commodities expensive for other currency holders. At 1717 IST, the most-traded December wheat contract on the CBOT was down 0.9% at $5.36 per bushel (1 bushel = 27.2 kg).  

Prices of MAIZE were steady at 2,850-2,900 rupees per 100 kg in Davanagere in Karnataka, 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. 

At 1717 IST, the most-traded December corn contract on the CBOT was up 0.3% from its previous close at $3.92 per bushel (1 bushel = 27.2 kg).

Prices of RICE were steady at 5,500-6,200 rupees per 100 kg at Bhavanipuram in Vijayawada, Ravi Shankar, a local trader, said. Prices of basmati rice were steady in Vashi at 7,000-7,300 rupees per 100 kg, Devendra Vora, a local wholesale broker, said. 

End

US$1 = 83.87 rupees

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

Edited by Saji George Titus

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