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Informist, Tuesday, Sep 10, 2024

By J. Navya Sruthi

MUMBAI – Prices of maize, wheat, and rice were steady today in key markets across the country, traders said. Maize traders expect prices to fall in a month on expectations of higher production this year. So far, maize acreage across the country was up 5.4% at 8.7 mln ha, according to data from the agriculture department.  

Prices of MAIZE were steady today in Davanagere, Karnataka, at 2,850-2,900 rupees per 100 kg and there were no arrivals in the mandi, Shiva Kumar, a local trader, said. Due to prospects of a good maize crop in the ongoing kharif season, Kumar expects maize prices to fall to 2,000-2,200 rupees per 100 kg once the arrival of the new crop begins. 

"Currently, the maize crop in Karnataka is better than last year's (in terms of production) due to above normal rainfall so far in the season," Kumar said. Arrivals of the new maize crop will start by the end of this month or beginning next month, Kumar said. However, if there will be heavy showers during the harvest time, then that might affect the standing crop, he added. 

Prices of WHEAT were steady today in Rajasthan's Kota and Mumbai's Vashi mandi, traders said. Arrivals of wheat in Kota were also steady from the previous day at 6,000 bags (1 bag = 50 kg), Aniket Mehta, a local trader, said.

Meanwhile, the government's wheat stocks have fallen below the Jul-Sep buffer norms, according to data from the Food Corp of India. Wheat stocks with the Centre were 25.1 mln tn as on Sep 1, 3.3% below the buffer norm of 27.58 mln tn. Wheat stocks were down 3.4% on year and over 6% lower than the last month's stocks, according to the data. 

The fall in wheat stocks is mainly due to lower procurement by the government during Apr-Jun. The government could not meet its wheat procurement target of 30-32 mln tn for rabi marketing season 2024-25 (Apr-Mar). Procurement of wheat by the government ended on Jun 30, with the Centre managing to buy 26.60 mln tn from farmers, slightly more than 26.20 mln tn last year. Amid falling stocks, traders told Informist that the government will likely make an announcement about wheat imports later this month.  

Prices of basmati RICE were steady at 7,000-7,300 rupees per 100 kg in Vashi, Devendra Vora, a wholesale broker, said. The government's rice stocks with FCI were the highest since 2005 for the third straight month, according to data from the nodal food procurement agency. Rice stocks rose nearly 39% on year to 32.3 mln tn in September, but were down 1.3% on month, the data showed.   

End

Edited by Manisha Baxla

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