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Informist, Friday, Sep 6, 2024

By J. Navya Sruthi

MUMBAI – Rice and wheat prices were steady in Mumbai's Vashi mandi today, local traders said. Prices of maize from Karnataka's Davanagere were unavailable today as mandis were shut due to "Gauri Puja", a local trader, Shiva Kumar, said. Mandis accross the country will remain shut on Saturday due to Ganesh Chaturthi, traders said. 

Prices of mill quality WHEAT in Mumbai's Vashi mandi were also steady at 2,950 rupees per 100 kg, said Devendra Vora, a wholesale broker. "Currently, I don't see more than 100 rupees (per 100 kg) upside in prices..., everything depends on the government's weekly wheat sales," he added.

The government has not yet announced the weekly electronic sales of wheat for the current wheat marketing season. However, the reserve price of fair and average quality wheat has been fixed at 2,325 rupees per 100 kg, according to a letter from the Ministry of Consumer Affairs, Food, and Public Distribution to the Food Corp of India, reviewed by Informist. According to the document, the price of wheat under reduced specifications was set at 2,300 rupees per 100 kg.

Prices of basmati RICE were also steady at 7,000-7,300 rupees per 100 kg in Vashi, Vora said. India exported 3.62 mln tn of basmati rice in Jan-Jul, a record high for the period, surpassing the previous record of 3.29 mln tn set in the first seven months of 2020, according to data analysed by Informist. Exports of the aromatic rice in Jan-Jul rose 21.7% on year because of higher demand from Iraq, Yemen, the United Arab Emirates, and the US.

In July, the country's basmati rice exports rose nearly 7.8% on year to 471,018 tn, the highest for the month since 2010, because of higher imports by Iraq, Yemen, and the US, according to data from the Directorate General of Commercial Intelligence and Statistics, accessed by Informist. In the same month last year, India exported 436,777 tn basmati rice. India's basmati rice exports may exceed 5 mln tn in the current year, as there are high chances to have a bumper basmati crop in the current kharif season due to favourable monsoon across the country, Vora told Informist. 

End

Edited by Deepshikha Bhardwaj

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