More Stories

Informist, Monday, Sep 9, 2024

By J. Navya Sruthi

MUMBAI – Wheat prices were slightly down in Rajasthan's Kota market, but were steady in Mumbai's Vashi market, traders said. Rice prices were steady in Vashi today, traders said. Wheat prices are expected to rise by 100–200 rupees by December due to low wheat stocks with the government and firm demand, they said.
 

Prices of mill-quality WHEAT fell by 10–15 rupees to 2,600-2,615 rupees per 100 kg in Kota in Rajasthan, Aniket Mehta, a local wheat trader said. Arrivals fell to 6,000 bags (1 bag = 50 kg) today from 10,000 bags on the previous day. The continuous downpour in the region has restricted farmers from getting the grain to the markets, he said. 

Prices fell due to a rumour in the market that the government is likely to start weekly wheat sales before Diwali, Mehta said. However, the government has so far not specified any date for the weekly electronic auction. 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.

Mehta expects wheat prices to fall by 50 rupees per 100 kg in the near-term, but rise by 100–200 rupees per 100 kg by December. 

Prices in Mumbai's Vashi mandi were steady at 2,950 rupees per 100 kg, Devendra Vora, a wholesale broker said. Vora expects prices to breach 3,000 rupees per 100 kg by December due to firm demand and low stocks with the government.    

Wheat stocks with the Centre were 26.8 mln tn as of Aug 1, nearly 3% below the buffer norm of 27.58 mln tn, according to the data from the Food Corp of India. Wheat stocks were down 4.4% from a year ago and 5% from a month ago, according to the data.  
 

Prices of basmati RICE were steady at 7,000-7,300 rupees per 100 kg in Vashi, Vora said. In the international market, the price of Pusa basmati fell 9.7% on year in August to $1,400 per tn, according to the UN Food and Agriculture Organization's monthly report. The price of 5% parboiled rice from India fell to $525.8 per tn in August from $537.3 per tn in July, the report said.

End

Edited by Saji George Titus

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000 

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2024. All rights reserved.