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Informist, Friday, Sep 20, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat were up today in Rajasthan's Kota, the benchmark market, due to rising demand, while those in Mumbai's Vashi mandi were steady from the previous day, traders said. Prices of rice and maize were also steady in the key wholesale markets of the country, they said.  

WHEAT prices in Rajasthan's Kota rose today by 50 rupees to 2,600-2,625 rupees per 100 kg from the previous day due to more demand in the domestic market, a local trader, Aniket Mehta, said. Arrivals were also up at 14,000 bags (1 bag = 50 kg) from 8,000 bags on the previous day, he said.

On Wednesday, Food Secretary Sanjeev Chopra said that to check wheat prices, the government approved an additional allocation of 3.5 mln tn of wheat under Pradhan Mantri Garib Kalyan Anna Yojana till March 2025. There was also news that the government is unlikely to conduct weekly open market sales for wheat this season which is the main reason for the rise in prices, traders said. 

Devendra Vora, a trader in Mumbai's Vashi mandi, expects prices to rise by 200–300 rupees per 100 kg due to increasing demand ahead of the festival season. However, wheat prices in Vashi were unchanged from the previous day at 2,950 rupees per 100 kg, Vora said. 

Moreover, wheat stocks with the Food Corp of India as of Sep 1 were below the buffer norm for Jul-Sep of 27.58 mln tn--operational stock of 24.58 mln tn and strategic reserve of 3 mln tn. As of Sep 1, wheat stocks with FCI were down 6% on month and 3.4% on year at 25.1 mln tn.   

MAIZE prices were steady in Davanagere at 2,000-2,500 rupees per 100 kg and arrivals were also unchanged from the previous day at 300 bags (1 bag = 60 kg), Shiva Kumar, a local trader said. Currently, the new crop has a moisture content higher than 30%, while 14% is acceptable, he said. Arrivals are likely to remain steady till Dussehra and increase later, then prices are likely to fall to 2,000-2,200 rupees per 100 kg or even lower, Kumar said. 

Prices of basmati RICE were also steady today in Vashi mandi at 7,300-7,400 rupees per 100 kg from the previous day, Vora said. The government is likely to resume exports of non-basmati rice as the stocks with the government are at a 20-year-high. Deliberations are going on, and a decision will be taken after the paddy crop situation is clear, Devesh Chaturvedi, secretary, Department of Agriculture & Farmers Welfare, said on the sidelines of a media briefing on Thursday.  End

Edited by Manisha Baxla

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