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Informist, Tuesday, Sep 17, 2024

By Sayantan Sarkar

NEW DELHI – Maize prices were flat today in the key spot market of Davanagere in Karnataka, traders said. The wheat market in Kota in Rajasthan was shut for Anant Chaturdhashi, they said.

MAIZE prices were steady in Davanagere at 2,800-3,000 rupees per 100 kg, said Shiva Kumar, a local trader. There were no arrivals of maize today, and new crops will start hitting the market after 15–20 days, Kumar said. 

WHEAT prices were unavailable as markets were shut for Anant Chaturdhashi, said Aniket Mehta, a Kota-based trader.

Wheat prices are likely to be range-bound with an upward bias for the next 10–15 days, said Devendra Vora, a wholesale broker at Mumbai's Vashi market. Despite the government reducing the stock limits, wheat prices have an upward bias due to lower wheat stocks in the country, Vora said. 

The government on Friday reduced the stock limits for traders/wholesalers to 2,000 tn, from 3,000 tn earlier, and for processors to 60% of the monthly installed capacity multiplied by the remaining months in the current financial year ending March. There was no change in the stock limit for retailers, which will remain at 10 tn. The stock limit for big chain retailers has also been retained at 10 tn per outlet, but the total wheat big retail chains can hold has been revised to 10 times the total number of outlets from 3,000 tn earlier.

As of Sep 1, wheat stocks with the government fell to 24.58 mln tn, below the buffer norms of 27.58 mln tn for Jul-Sep, according to the data from the Food Corp of India. 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 the rabi marketing season. Procurement of wheat by the government ended on Jun 30, with the Centre managing to buy 26.60 mln tn from farmers.   End

Edited by Saji George Titus

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