More Stories

Informist, Wednesday, Sep 25, 2024

By J. Navya Sruthi

MUMBAI – Prices of wheat rose today in Delhi and Rajasthan's Kota due to firm demand in the ongoing festival season, traders said. However, wheat prices were steady in Mumbai's Vashi mandi, they added. Prices of rice and maize were unchanged today from the previous day in key benchmark markets, traders said. 

Prices of mill-quality WHEAT in the benchmark market of Kota, Rajasthan, were up by 25–30 rupees at 2,675-2,700 rupees per 100 kg today due to firm demand ahead of the festival season, local trader Aniket Mehta, said. Arrivals were up by 5,000 bags to 20,000 bags (1 bag = 50 kg), as there was no rain in the region today, Mehta said. Prices of the same quality wheat were at a year's high of 2,910 rupees per 100 kg in Delhi, up 10 rupees from the previous day, according to a poll by Cogencis. 

However, mill-quality wheat prices remained unchanged in Vashi mandi today at 2,975-3,000 rupees per 100 kg, Devendra Vora, a wholesale broker said. Wheat prices are expected to remain up in October due to firm festival demand and uncertainty about the government's open market sales scheme for the grain.

Meanwhile, the government has estimated 2023-24 (Jul-Jun) wheat production at a record high of 113.3 mln tn in its final estimate released today, up from the third advance estimate for the year at 112.9 mln tn. However, market participants expect last year's wheat production at 100-104 mln tn. 

MAIZE prices were steady in Davanagere at 1,600-2,500 rupees per 100 kg, Shiva Kumar, a local trader said. Arrivals were up by 2,000 bags at 3,000 bags (1 bag = 60 kg), he said. Kumar expects the price range to be 2,000-2,200 rupees per 100 kg by next week as arrivals are expected to increase. 

Moisture in today's arrivals was higher than 30%, against the acceptable limit of 14%, Kumar said. In Telangana's Nizamabad, maize prices rose to 1,640-2,442 rupees per 100 kg today from 1,000-2,565 rupees on the previous day, Amrutlal Kataria, a local trader said. Moisture content in the grain was 16%-27%, he said, adding that prices rose due to damage to the crop because of rain. 

The government, in its final production estimates for 2023-24, has decreased maize output by 400,000 tn from the previous year to 37.7 mln tn. This is mainly due to the erratic monsoon which damaged maize production in key producing states like Karnataka.      

Prices of basmati RICE were also steady today in Vashi mandi at 7,300-7,400 rupees per 100 kg, Vora said. Rice production in 2023-24 is pegged at a record 137.8 mln tn, up 2.1 mln tn from last year, according to the government's final estimates.  End

Edited by Aditya Sakorkar

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.