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Informist, Monday, Sep 2, 2024

By J. Navya Sruthi

MUMBAI – Prices of rice, maize, and wheat were steady in key markets across the country today, traders said. Traders in Karnataka expect maize from the ongoing kharif crop to arrive in mandis in 20–30 days.

Prices of MAIZE were steady at 2,850-2,900 rupees per 100 kg in Davanagere, Karnataka, local trader Shiva Kumar said. There was apprehension of the crop being damaged due to heavy rainfall following an orange alert from the India Meteorological Department, but so far the crop has not been damaged, Kumar said. In fact, the output is expected to be higher than last year, he added.

The acreage under maize so far until Friday was 1.6 mln ha, up from 1.5 mln ha a year ago, according to the data from the state's agriculture department.

Arrivals have stopped since June as the crop from the last kharif season was damaged due to erratic monsoon in Karnataka. The state suffered a drought, which damaged 80% of the maize crop, traders said.

According to the third advance estimates, Karnataka's maize production in 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 in 2023-24, compared with 38.1 mln tn the previous year.

Poultry farms in Karnataka have been buying maize from Madhya Pradesh as arrivals of the new crop have started in that state and prices are also lower, traders said. In Chhindwara, prices of maize were steady from the previous day at 2,500-2,640 rupees per 100 kg, traders said. 

WHEAT prices from Rajasthan's Kota and Madhya Pradesh's Indore were not available as these mandis are shut on account of Somvati Amavasya, or New Moon day. Today marks the start of Bhadrapada month and is considered auspicious to honour one's ancestors.

Prices of mill-quality wheat in Mumbai's Vashi mandi were steady, traders said. They expect prices to rise by 100 rupees this month due to uncertainty about the government's weekly electronic auctions. Traders also said that arrivals of the grain in mandis have fallen compared to last season. Arrivals during this time are usually around 25,000 bags (1 bag = 50 kg) in Kota, but currently arrivals are barely 10,000 bags, traders said.

The price of wheat in Vashi was unchanged at 2,950 rupees per 100 kg, Devendra Vora, a local wholesale broker, said.

Prices of basmati RICE were also steady at 7,000-7,300 rupees per 100 kg in Vashi, Vora said.

End

Edited by Ashish Shirke

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